Whether Son is eligible for Home Loan Interest Deduction in ITR, if property owner 100% his mother.

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Accounts Professional
31 Points Posted on 09 June 2023

Whether Son are eligible for Home Loan Interest Deduction in ITR, if property owner 100% his mother. But in Loan Application Sons are Co-Borrower

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On 09 June 2023 at 16:50 Report
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Quick Summary
This discussion clarifies whether a son can claim a home loan interest deduction on his Income Tax Return (ITR) if the property is solely owned by his mother, even if he is a co-borrower on the loan. The general rule states that only the legal owner of the property can claim the deduction for home loan interest. Therefore, if the mother is the 100% owner, she is the one eligible to claim the deduction, not the son.

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Own Business
496 Points Posted on 09 June 2023
EMI is paid from whose account?
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On 09 June 2023 at 18:28
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Profession
28271 Points Posted on 13 June 2023
Both has to be paid by the owner.
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On 13 June 2023 at 06:23
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Professional
87 Points Posted on 17 June 2023

NO, first condition to claim deduction of Interest under head Income from House Property is that assessee should be owner of the property. So only mother can claim deduction 

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On 17 June 2023 at 20:49

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