In order to claim tax benefit of joint home loan , a person is also required to be joint owner of the property .
Eg- parent and child together take up a loan which is paid off by both of them. In such a case ,where child is not the co-owner is devoid of the tax benefits on the joint home loan
Need the reference of the above statement ,in which section it is written or any rule or notification?
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Section/Rule/notification reference required
Replies (6)
Sec. 24 states Deductions from income from house property.
The section applies only to the assesses who are owners of house property, be it fully owner or joint owner.
The section is not applicable to any person not owner/co-owner of any HP.
Yes, I agreed with Mr Dhirajalal Rambhia Sir...
Thanku sir for clarifying
I'm not able to find "joint owner " word in sec 24
So for sec 24 joint owner will also be included in definition of owner is that the case ?
I'm not able to find "joint owner " word in sec 24
So for sec 24 joint owner will also be included in definition of owner is that the case ?
Yes, ownership can be 100% or 33.33% or 50% etc. But in all such cases he/she is owner of HP.
Have you checked the schedule HP in any ITR form. There the ownership percentage is to be filled first !!
N.B. Have you heard anywhere 0 % ownership in HP, or claiming deduction over any pseudo HP.
Yes I agree ...just needed clarification
Thanku sir
Thanku sir
You are welcome.
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