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Urgent need: interest on housing loan

Tax queries 550 views 3 replies

Jaimin

M Com CA

413 Points Joined December 2011

Hi A salaried person has taken housing loan and purchased a house property. Now the property is purchased in the name of his father who is a retired person. Now the salaried person wants to claim deduction u/s 24 ( b ) and 80c regarding interest and principal respectively contending that the loan was taken in his name. Can he get the deduction or not? Plz advise thanks.

Replies (3)

praveen

Chartered Accountant

6971 Points Joined September 2007

If you are able to proove that the source of investment is from the assessee then you can go ahead and claim the deduction

SAYED MUJEEB

ACCOUNTANT

101 Points Joined August 2011

As far as i know, to claim deduction for repayment of Principle, one should be either Owner or co-owner of the property then only he/she can claim deduction. To claimd deduction of Interest one should be either owner, co-owner or Deemed owner of the property.