House Loan payment deduction

305 views
User Avatar

Advocate
60 Points Posted on 25 November 2021
if purchase deed in the name of parents but loan given by the bank parents and son. can son claim deductions in section 80c for repayment and interest
0 Reply Share Follow
On 25 November 2021 at 17:45 Report
Replies (3)
Quick Summary
This discussion clarifies who can claim tax deductions for a house loan. Generally, only the legal owners of the property, as stated on the purchase deed, are eligible to claim deductions under Section 80C for loan repayments and interest. If the deed is in your parents' name, even if you co-signed the loan, you likely cannot claim these deductions. It's advisable for loan instalments to be paid directly from the owners' bank accounts to support the claim.

User Avatar

CA
1251 Points Posted on 25 November 2021

Only the owners can claim such deductions in their ITR.
It is better that you pay these instalments from their bank accounts only.

1 Reply
On 25 November 2021 at 17:53
User Avatar

Chartered Accountant
24588 Points Posted on 26 November 2021
No son cannot claim
Reply
On 26 November 2021 at 05:54
User Avatar

379 Points Posted on 26 November 2021

Son can not claim as purchase deed is not in his name

Reply
On 26 November 2021 at 11:04

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
  2. Advance for supply of goods
  3. Question for members: how do you manage client doc
  4. Clarification Required on Invoicing and Receipt of
  5. SEBI Registered VS NSDL Registered RTA
  6. Income tax or capital gain tax for Resident Indivi
  7. PCIT-1 Thane Email address
  8. CA Fees deduction for non audit case allowed?
  9. 5th Letter PAN Mismatch with Surname issues still
  10. Criteria to hire an article

More recent discussions | Post

Related Topics :

Loading