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Income tax

Tax queries 594 views 2 replies

Punit

Manager

24 Points Posted on 31 January 2014

Hi,

My mother have one house property in her name and she has taken house loan from a bank.

Now i am paying that EMI from my bank account.

Can i claim deduction of intrest in my file or not and if not, then is there any way to claim the same?

Thanks

Punit Khandelwal

Replies (2)

Mihir

Wealth Manager

5293 Points Posted on 31 January 2014

Owner or a co-owner of a house property may claim deduction for interest on home loan.

But the AO may accept a document in which the owner is declaring that he/she does not have any income and therefore the EMI shall be paid by the son, and request to allow him to claim deduction for interest.

Wait for more replies.

CA Neha Agrawal

830 Points Posted on 31 January 2014

Punit, if you are a joint borrower in the loan, interest certificate issued by the bank will carry your name also as borrower. in this scenario you claim interst deduction for tax benefit.

if the loan is only inyour mother name sheould be having a source on income. she should claim tax benefit.