ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Housing loan deduction

Sunil Prajapat (25 Points)

24 August 2020  
Sir I have taken a housing loan jointly with my father.
Father is owner of the property but I am not. I am just taking loan jointly with them.

Sir confusion is that can I take deduction or not on payment of interest amount u/s 24(b) and principal amount u/s 80C.

Please sir provide me suggestions.

 8 Replies

G Sharath Kumar (53 Points)
Replied 25 August 2020

From whose account EMIs are being deducted?

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co)   (969 Points)
Replied 25 August 2020

Amount is allowed only for owner. not to co applicant.
1 Like

G Sharath Kumar (53 Points)
Replied 25 August 2020

How cum few ppl share the amounts of home loan then, both should be owners then?

Sunil Prajapat (25 Points)
Replied 25 August 2020

Amount is deducted from a saperate saving account .

jacinthamary (accountant) (643 Points)
Replied 25 August 2020

The owner of the house is allowed to avail the benefit of interest paid against homeloan. Even if you are a co borrower your are not allowed to enjoy the benefit.
1 Like

rama krishnan (11163 Points)
Replied 25 August 2020

Agree with Ms. Jacintha and Mr vanamala

Sunil Prajapat (25 Points)
Replied 25 August 2020

1 more question...
if in subsequent period my father register my name in property them me allow to claim deduction u/s 24(b) and 80C as case may be, if Yes, then for which period benefit allow to me.

jacinthamary (accountant) (643 Points)
Replied 25 August 2020

Yes, you're eligible for 24(b) and 80c as per the existing acts

But is it possible to add a co owner after construction of home is completed?

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading



Subscribe to the latest topics :
Search Forum:

Trending Tags