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home loan on ancestral home

Shine (Mechanical ) (215 Points)

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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8 Replies

Jatin (Accountant) (3479 Points)
Replied 04 July 2018

No, you can't claim home loan interest u/s 24 (b) & repayment of principal amount u/s 80C

rama krishnan (12234 Points)
Replied 05 July 2018

I agree with the reply of jatin...

1 Like

Shine (Mechanical ) (215 Points)
Replied 05 July 2018

The reason ?
is it cause it is not in the loan takers name?

Jatin (Accountant) (3479 Points)
Replied 05 July 2018

Yes, you are right

Reason: Property must in the name of loan taker if want to claim deduction

Shine (Mechanical ) (215 Points)
Replied 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.

Ravi SADhiyan (Practice) (4510 Points)
Replied 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

Shine (Mechanical ) (215 Points)
Replied 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.