banner_ad

Urgent need: interest on housing loan

Tax queries 634 views 3 replies
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)

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

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.


 

Instead you can plan to claim HRA exemption by paying rent to father


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details