Hi,
A new house was fully constructed in the FY 2010-11 and house is registered in the name of the mother but the housing loan is taken in the name of Son and Mother.
The loan is being paid in CASH to LIC monthly and in the couterfoil both the loan holder's name are mentioned.
Now I would like to know whether both the persons can claim the housing loan interest and principal as the house is in one person's name but loan is taken in the name of 2 persons.
Thanks in advance !
Saravana
payee of the loan can claim subject to proportionate share in property.with a ceiling of 1.5 lacs for interest and 1 lacs of principal ( with other instruments under 80C)
Rahul Dang & Associates-Chartered Accountants
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CA Inter
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O P Bagla & Co LLP
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CAclubindia
