Ms A is daughter of Mrs X. Mrs X has a house property in her own name. Ms A & Mrs X has jointly taken a loan from bank for this house. Mrs X is not a taxpayer. Ms A is a salaried employee (a teacher) and during the year 2015-16 she has also earned some income u/s 194J (professional income). Now, my question is whether Ms A may claim interest paid by her for borrowed capital for house and which return(ITR) should be filed by her?
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Interest on borrowed capital u/s 24 (loan for house)
Replies (1)
Sorry to say,
- The very first condition is the house property has to be bought by the individuals jointly, and this should be in their joint names.
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