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Section 24 and 80c
If Mr. X is the sole owner of property and EMI of housing loan is paid by his son solely from his bank account where both of them are co applicant for such housing loan. Now who will claim interest and principal benefits for income tax purposes.
Replies (2)
Tax benefits on Joint home loans are available to all the joint holders. However, ownership is a prerequisite to avail any tax benefit. So there are two things
- You must be co-owner in the property and
- You must be co-borrower for the loan
In your case, since your son is co-applicant of the loan but he is not the co-owner of the property, therefore he is devoid of tax benefit on the home loan. So, it is you (father, in your case) only who can claim the tax benefit.
Thanks
Mr. X can claim the interest and principal benefits
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