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Housing loan deduction

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25 Points Posted on 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.
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On 24 August 2020 at 23:47 Report
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56 Points Posted on 25 August 2020
From whose account EMIs are being deducted?
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On 25 August 2020 at 02:29
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Proprietor of M/s Vanamala and Co
972 Points Posted on 25 August 2020
Amount is allowed only for owner. not to co applicant.
6 Reply
On 25 August 2020 at 03:08
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56 Points Posted on 25 August 2020
How cum few ppl share the amounts of home loan then, both should be owners then?
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On 25 August 2020 at 03:44
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25 Points Posted on 25 August 2020
Amount is deducted from a saperate saving account .
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On 25 August 2020 at 06:20
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accountant
888 Points Posted on 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 Reply
On 25 August 2020 at 07:07
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12244 Points Posted on 25 August 2020
Agree with Ms. Jacintha and Mr vanamala
35 Reply
On 25 August 2020 at 09:36
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25 Points Posted on 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.
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On 25 August 2020 at 16:30
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accountant
888 Points Posted on 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?
1 Reply
On 25 August 2020 at 16:39


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