13 December 2013
An assesse purchased the property on his mother's name by loan but the loan borrowed by him. Assesse can't get the deduction u/s 80C. 1).How he can get deduction? 2).If the property transfers by gift by mother to assesse then he can get deduction or not?
13 December 2013
If we go through Section 80C(2)(xviii) , it can not be found that the property should be owned by the assesee. . 1. This requires that the loan must be borrowed for the purpose of purchase or construction of house. . 2. The income from the house is assessable under the head IFHP. It may be SOP or let out.
The section does not requires that the income nust be charged in the hands of the assessee. . 3. Repayment must be made by the assessee against the amount borrowed by himself. . All these conditions are satisfied. .
So, in the present scenerio, you can claim deduction U/s 80C, at least, in the case of the borrower. . Please have more opinions on this issue. .