Menu
Interest on house property
Sir,
A Lady (X) Purchased a Residential House in her name in the year 2015. She has taken Housing Loan on the same. Her father (Y) is the First Loan holder in the Banks Loan account, whereas his name is not written in the Registered Property Deed. She is Co - Obligant in the Bank Loan documents. She is using the same as self occupied House Property and want to avail benefit of Interest on Housing loan and Repayment of Housing Loan since the Loan was taken by her to Purchase the property.
Now, She want to take benefit of the Interest on House Loan and Repayment of Loan as Self Occupied Property.
Queries:
1. Whether her Father can take 50% benefit of Interest on House Property and Loan Re payment , whereas he is not owner of the Property?
2. Whether its necessary that property should be in the name of the person who is taking benefit of Interest on House Property and House Loan Repayment/
Kindly advise and oblige.
Replies (3)
It can be claimed only if assessees are co-owners of the house property. Thus, in this case, deduction can be claimed by daughter (not father).
Only Daughter can benifit in this case
yes only daughter can..
Recent Topic
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
- Clarification Needed: Reporting Accrued vs Paid FD
- TDS on prize given to participants in Livestock sh
- TDS related matter - 194 IA
- Research: How do CA firms handle GSTR-2B reconcili
- CA FINAL FR IndAS 33 Illustrtion 14
- Taxation on Sale of old Jewellery Received at Marr
Related Topics
CAclubindia
