Interest deduction under sec 24b

My query is for interest deduction under sec24b & principal repay under 80C is legal ownership is required or loan should be in ur name.

For example Mr & Mrs A jointly owns a house property HOUSE1. Now they sell this house and purchase another HOUSE2. Full sale proceeds has been utilised for purchase of new house and moreover a loan has been taken by son of MrA i.e A junior but HOUSE2 is registered jointly in name of Mr & Mrs A for 54Deduction. Now my query is whether A junior will get benefit of 24b & 80C since loan is in his name but house property is not. Is legal ownership the criteria or person funding the transaction should get the deduction.

If possible share a case law relevant to this also.

 

Thanks in Advance.

Replies (2)

As per me No... It's not available to Junior...

Bcoz, He is not the property owner...

I read somewhere that funding was finalized as the factor to decide the REAL owner of the property and not just the name on whose it has been registered.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details