Hi,
I have taken a home loan as a PRINICIPAL borrower for consutructing the home.I am assuming full responsibility of re-paying the debt.
But the property is owned and purchased by my father(sole owner).I do not have any stake in the title of the property.
Can i still claim the IT rebate on principal payment of loan under the section 80c.
Please reply ASAP.It is kind of urgent.
TIA,
Rajat
Dear Mr. Rajat,
In my opinion, you can not claim deduction under Section 80C of the Income Tax Act, 1961 for repayment of the principal amount, unless you are the co-owner of the house property.
Infact, you can not even claim deduction under Section 24, for payment of Interest on borrowed amount.
Regards,
Dear Rajat Sir,
Tax benefits on rapayment of principal & interest will not be allowed to you in the present case.
Mr.Rajat,
You Can't claim exemption under 80c . Only it is possible if you are the co-owner of the property.
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