Interest on house property deductions

so the house is registered in the na
me of my parents and a loan was taken for that house
so, now can the son /daughter can claim interest on loan as a deduction in sec 24 of IT ACT
Replies (5)
Quick Summary
This discussion clarifies whether a son or daughter can claim a deduction for interest paid on a home loan, even if the loan is in their parents' name. The consensus is that to claim the deduction under Section 24 of the Income Tax Act, the property must be owned by the individual, and the loan must also be taken in their name. Simply paying the loan taken by parents does not entitle you to the deduction.

Who takes the loan ???
Loan is in the name of parents but paid byme
You can not claim interest

Then parents will take benifit If they are co owner 

Or in other words the person whose under the loan is as well as he or she should be co owner of the property will take the deduction

You can't take the deduction

 

To claim interest on borrowed capital, the property should be owned and the loan should also be taken in the name of assessee. so you can't claim it even though the same is paid by you

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register