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Tax application in case of Housing Loan

CA Mihir Shah (Working with Suresh Surana & Associates) (231 Points)

04 December 2009

hi,

Friends i would like to know that in case a housing loan is taken by Assessee (father) and the same is repaid by his son then whether the deduction in respect of interest on loan paid will be allowed to the person paying the loan or it will be allowed to the person who has taken the loan

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5 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 04 December 2009

Interest on loan paid will be allowed to the person who has taken the loan as the property will mostly be in his name and the interest and principal repayment certificate will also be in the name of the person who took the loan

CA Mihir Shah (Working with Suresh Surana & Associates) (231 Points)
Replied 05 December 2009

hey thanks aditya,

ur reply helped me but can u tell me then how can this be planned in order to make the payer eligible for deduction condition that the loan cannot be taken in son's name...

Ansari (ca final) (444 Points)
Replied 05 December 2009

Originally posted by :Aditya Maheshwari
"	Interest on loan paid will be allowed to the person who has taken the loan as the property will mostly be in his name and the interest and principal repayment certificate will also be in the name of the person who took the loan	"