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.
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Housing loan deduction
Replies (8)
Quick Summary
From whose account EMIs are being deducted?
Amount is allowed only for owner. not to co applicant.
How cum few ppl share the amounts of home loan then, both should be owners then?
Amount is deducted from a saperate saving account .
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.
Agree with Ms. Jacintha and Mr vanamala
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.
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.
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?
But is it possible to add a co owner after construction of home is completed?
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