Dear Expert, Kindly advise who will eligible to claim deduction in this case: Property is in the name of Krishna(Father) and Loan is taken for the construction but interest on loan is paid by Madhan (Son). Rental income is received by the Krishna
Please give a solution for the above case as per provision Income tax act 1961
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Income from House Property U/S 24 b
Replies (7)
None of both are eligible for any interest deduction.
Son is paying EMI, but he is not owner of the property.
Loan taker will claim the deduction untill no other information is provided or no share in ownership about madhan is given here
Thank you sir
Yes.... I agreed to Mr Dhirajlal Rambhia Sir Reply...
No one claim the loan & interst amount as per the query...
No one claim the loan & interst amount as per the query...
only owner of house property can claim deduction of interest u/s 24(b) upto 200000(construction/purchase) or 30000(repair).
however the borrowed capital shall be paid by owner or co-owner only...
however the borrowed capital shall be paid by owner or co-owner only...
agreed with dhirajlal sir
Father can be claimed interest U/s24 from the date of completion of construction even though son is paid interest. and also father is collected rents. because son had right to give gift to father in shape of EMI and it is exemption to son (gift made to father)
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