04 February 2011
A (son being a non resident), B (father) (resident)& C (mother also a resident) (house wife) are the borrowers of housing loan with A being the first borrower followed by B& C in that order. Lender has given a certificate of housing interest in the order of the names appearing in its record. Now B wants to claim benefit of interest deduction from his salary income & he, in reality is making periodical payments to the lender. Can he claim the deduction of interest since he is not the first named borrower. Can some body clarify this issue?
04 February 2011
Although he can claim deduction of interest on production of pass book entries to the income tax officials, whenever required, but he would be able to claim deduction only from his share.
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
04 February 2011
Although he can claim deduction of interest on production of pass book entries to the income tax officials, whenever required, but he would be able to claim deduction only from his share.
Let the other experts show their opinions about this matter.
As per my Opinion, yes Mr. B can claim deduciton of interest.
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