INTEREST ON HOUSING LOAN

First of all, i think the clarification is needed in respect of LOAN taken.... I mean, on whose name is loan taken?? Is it the son or father??

As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable.

Loan is in the name of father only..

son cannot claim u/s 24 b.

Originally posted by : Manasa
	As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable.

is it mandatory that to claim his share of interest, he should have actually paid??  the entire loan is in the name of father. payments are made from fathers bank account.. the assessee(son) does not pay any  amount..

Father can only claim deduction u/s 24b.....as son is not invloved in loan in any manner(taken or repayment)......moreover this is practically not possible....that a person is repaying a hosing loan and doesnt have any income to show in the ITR.

Moreover every bank before providing any housing loan ask for ITR......so according to me this is a question which practically doesnt exsist.

Originally posted by : Rekha
	Originally posted by : Manasa As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable.   is it mandatory that to claim his share of interest, he should have actually paid??  the entire loan is in the name of father. payments are made from fathers bank account.. the assessee(son) does not pay any  amount..

Yes its mandatory that he should pay the loan Since in this case he is not paying any amount only his father can claim the amount.

son is not able to claim deduction u/s 24 (b), because it is allowed on due basis but laoan actually paid by the father so deduction allowed to father only.

son cannot  claim any deduction .........

Interest will be allowed to father only.

because in Act wording is '' Interest payable by the assessee"

Interest is not payable by the Son so he cant claim. It would have been Allowed if it was payable by him from his own taxable income.

Also in this Case. House is purchased by the father. but he Registered it in the name of Wife and Son also. But wife and Son can not be held as owner. Father will be Deemed owner of the house u/s 27. so only he will be liable to tax for the house property.

If Wife and Son have got registeration on paying some consideration then all of three are co owner and each one can claim Rs. 1,50,000 for interest individually if each of them is paying interest.

i agree fully with Mr. dhiraj