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home loan on ancestral home

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Mechanical
215 Points Posted on 04 July 2018
i have taken a loan to re modify and extend my ancestral home in which i will be the sole heir
.but the house is not in my name.
so can i claim home loan interest exemption
and also can i put the principal in 80 c
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On 04 July 2018 at 22:46 Report
Replies (8)
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Accountant
3479 Points Posted on 04 July 2018
No, you can't claim home loan interest u/s 24 (b) & repayment of principal amount u/s 80C
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On 04 July 2018 at 22:55
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12244 Points Posted on 05 July 2018
I agree with the reply of jatin...
1 Reply
On 05 July 2018 at 00:21
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Mechanical
215 Points Posted on 05 July 2018
The reason ?
is it cause it is not in the loan takers name?
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On 05 July 2018 at 08:30
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Accountant
3479 Points Posted on 05 July 2018
Yes, you are right

Reason: Property must in the name of loan taker if want to claim deduction
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On 05 July 2018 at 10:03
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Mechanical
215 Points Posted on 10 July 2018
if the property is 50 -50 % share between my mother and me .can i claim exemption.if so can i claim full exemption.
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On 10 July 2018 at 22:00
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Practice
4510 Points Posted on 10 July 2018
Originally posted by : Shane D Rozario
if the property is 50 -50 % share between my mother and me .can i claim exemption.if so can i claim full exemption.

Yes

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On 10 July 2018 at 22:11
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Mechanical
215 Points Posted on 10 July 2018
suppose i have 25 %share in ancestral property and it is partly in my name and i have solely taken a loan for it .Then too can i claim full exemption.
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On 10 July 2018 at 22:16
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Accountant
3479 Points Posted on 10 July 2018
No, you can't claim full exemption
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On 10 July 2018 at 23:11


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