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80C deduction on housing loan

Shriti Daga (Chartered Accountant) (102 Points)

17 December 2009

wheteher deduction under section 80C for repayment of principal of housing loan is available if house for which loan is taken is either in my mother's name or it is in joint name of mine and mother . Loan will be repaid by me only.

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25 Replies

Lalit (accounts) (195 Points)
Replied 17 December 2009

You must own the house to avail deduction of house loan repayment U/s. 80C. So if house is in your mother's name than you are not eligible for deduction U/s. 80C.

And if you and your mother jointly own the house than you can claim deduction U/s. 80C on pro rata basis even if you pay whole loan amount.

VICKY (CA-Final) (68 Points)
Replied 17 December 2009

If the loan is taken on your own name only than the deduction u/s shall be permissable even the loan is taken on jointly

NARENDER PAWAR (CA final Student) (337 Points)
Replied 17 December 2009

deduction is not allowed if house is not registered with your name

Robin Kumar Gupta (profession) (179 Points)
Replied 17 December 2009

If the property is not in your name then you will not be eligible to claim deduction for the repayment of housing loan.

But if you and your mother are coowner of the property then you will be allowed to claim deduction on proportion basis for the payment made by you.

For e.g - if you and your mother are 50%-50% owner of the porperty and the principal amount of housing loan repaid is 1 lac for the year. you made contribution of Rs. 60000 and your mother made contribution of Rs. 40000

In this case eligible deduction-

You - Rs. 50000 (50% of 1 Lac -not 60000)

Your mohther - Rs. 40000

R!tu Ber! (Chartered Accountant) (405 Points)
Replied 17 December 2009

i too agree with robin

Tarun (CA Final Student) (89 Points)
Replied 17 December 2009

Deduction will be available to you on loan repaid in proportion to the property held by you.

(Guest)

Originally posted by : Robin Kumar Gupta
	If the property is not in your name then you will not be eligible to claim deduction for the repayment of housing loan. But if you and your mother are coowner of the property then you will be allowed to claim deduction on proportion basis for the payment made by you. For e.g - if you and your mother are 50%-50% owner of the porperty and the principal amount of housing loan repaid is 1 lac for the year. you made contribution of Rs. 60000 and your mother made contribution of Rs. 40000 In this case eligible deduction- You - Rs. 50000 (50% of 1 Lac -not 60000) Your mohther - Rs. 40000

Right

Hareesh H Sharma (Cleared IPCC..now article) (894 Points)
Replied 17 December 2009

yup well explained Robin sir

(Guest)

agree with above

pushpendra (Director- FinMAT Consultants) (1703 Points)
Replied 18 December 2009

Yes it will be available. if u have obtatin right to construct. sub. to loan is to be repaid by you and assests ( like const. of first floor) is to be shown in your assest side.