Taxable income

Plz clarify that if the person do not hav any house property income than the interest paid to bank will be exempted ? And, if yes plz specify the section under wich it will be claimed

Originally posted by : Pooja Jindal
	For taking any deduction or income under the head house property,assessee should be the owner of house property. For taking deduction of interest on loan taken for acquisition or construction of house property , following condition should be fulfilled 1) Assesee should be  the borrower and there must exist real one to one relationship between borrower and lender. 2)Assessee should be owner of house property. 3) The borrowed fund should be used for acquisition or construction of house property.

in continuity to this.. it must be noted that the assessee should be the BORROWER.. here the loan is taken in the name of the mother and the son is merely paying the loan.

Hence, even if the house is transfered by way of gift, though it would be exempted frm income tax but u should be aware that it would attract gift tax and also there would be extra expenses of stamp duty and registration to register such gifts and even after transfering the borrower remains the mother so how does the son supposed to take the benefit.

According to me the son can not take the loan repayment benefits with any such adjustments

 

agree with expersts reply, the loan shounld be in the name of payer, than benefit available.