Looking for your help to avail it benefits on my housing loa

Hello Vinoth!

For your 1st and 3rd question: I am not aware of such loan conversion, anyway that depends on Bank Policy, contact your Bank's executive and discuss the losses & gains. They will defineltly help you.

For your 2nd question:

You cannot claim housing loan exemption unless you own the house. There is possible way for this, you & your dad can own the house jointly. Then you will be called co-owners of house. Next you must have joint bank A/c from which housing loan is availed. From this you cliam Rs.1 lakh U/s 80C and upto Rs.150000 under 24B.

For your 4th question:

what ever no. of housing loans you may avail, the maximum eligible amount U/s 80C is Rs.1 Lakh, and Rs.1.50 Lakh U/s 24B till current Assessment year.

VishnuPriya,

         Thanks for your response. I'm not a co owner at all. The house is on my dad name only. So you mean converting the loan into joint will not help ? 

          When i'm digging into u/s 24 i just come accross the point,

"Interest payment to friends and relatives can be claimed u/s 24 but only against a certificate received from them." 

            Do you guys have any idea on this? any chance of trasforming the above act favour to me?

Thanks

Yes! I agree with you, but that interest must belong to your own house on which housing loan is availed from friends & relatives.

That sec 24 itself belongs to house property. Without owing a house there is no use of Sec 24 to you....

Ya i got it. Thanks to your explanation. As for as my understading from 80 C and 24 b, In 80 C act it has been clearly mentioned that only owner or co owner eligible to claim the principal part. So converting my home loan will not help me at all. But in act 24 not talking about owner or co owner at all (as for as my understanding). So in this case if i convert the housing loan into joint account Am i eligible to claim the interest part alone? Since from joint home loan account i can get the certificate from the bank on my name too. 

Please let me know if i'm wrong in this.  Thanks

i have a query one of my client have 7 property one is self occupied & remaining are let-out.

client tooked loan on each property. so i want to ask you that can he claim interest deduction u/s 24b on

each house property.

Dear Vinoth,

For your query my view is something different. As per my view you can claim deduction u/s 80c for the repayment of loan though both the house and loan are in your dad's name. I have incorporated here the wordings of Section 80C as given in the Act:

'for the purposes of purchase or construction of a residential house property the income from which is chargeable to tax under the head “Income from house property” (or which would, if it had not been used for the assessee’s own residence, have been chargeable to tax under that head), where such payments are made towards or by way of—;

Kindly read the highlighted part.

Any different opinion on this is appreciated. Thank you

Dear Vijay,

your client can surely claim interest. for the houses which are let-out there won't be any limit applicable for interest however, for the self occupied property limit of Rs. 30,000 or Rs. 1,50,000 will be applicable, as the case may be.

@ CA Neil Ganatra!

if assesee is not the owner of the house how can he claim such property for exemption, if that in the case, Mr. A will claim for house of Mr. B...

The assessee sholud be atleast coowner of the house to claim exemption.You need to have possession and certificate of ownership to claim tax under 80C. However Interest part is little different. You can not claim the interest amount, unless you get the possession of house .  More over the point highlighted by you does not mean what you say.

@ Vishnupriya!!

I am not telling that anybody can claim deduction for loan payment of any one else... for that one must have paid from his account. Here in this case as a guarantor he makes the payment then he is absolutely able to claim deduction for that... Here in this case the person who has taken house and loan is the father of the person we are talking about. There obviously should be enough nexus and proof to prove that the assessee- the person has paid the loan from his account or he has transferred money to his father's A/c everymonth for the installment and then installment is debited from his father's A/c. If it can be proved, in my opinion, there is nothing wrong in claiming deduction for that.

Whatever conditions are mentioned by you are absolutely correct to claim deduction for ineterest under section 24. But I have not commented on interest part. I commented on principal amount only..

Still I will confirm it from my side too..I hope this turns out to be a 'healthy discussion'...we will come to know what is right rather than who is right!!!!! correct?

ok!

In my opinion, simply mere providing of guarantee does not provide eligibilty for claiming exemption...

Lets wait for experts opinion,

@ Vishnupriya!

Moreover the link sent by you nowhere mentions the situation like here where father has taken loan and son makes payment of that...

Dear friend,

I am not saying that only by providing guarantee he can claim. What I say is, if he really has paid the principal amount and can prove it through bank statement or something like that then he can claim it. you are right to say that merely providing guarantee does not make him eligible.

I'll try to find out some judgements on same, if possible...

The link does not say the father and son exemption benefits, it says the ownership and possession are necessary to claim the deduction under 80C