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
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
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...
| 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 | " |
MIhir,
I guess u need the interest payment certificate in the assesses name as evidence to claim the deduction..
Interest on loan should be allowed as deduction in the hands of person who has taken the loan only.
CAclubindia
