Housing loan claim
This query is : Resolved
26 September 2015
Hi All,
This is Pramod, from Hyderabad. I need to get clarify regarding housing loan claim. Situation goes like this :- we are a joint family and constructed own house 1year ago, for which we availed a loan of 9 lakhs. House is in the name of My Father & Brother, and even the loan taken was in their both names. However, right from beginning of the loan repayment, i'm paying the loan installment from my bank account through ECS. Another point is I'm standing as a guarantor for the loan taken, my brother & father are Applicant & Co- applicant respectively.
Can I claim the benefit of loan repayment on any of judicial case, explanation in act etc. without having beneficiary ownership. Also to confirm, my father & brother do not have taxable income to claim this, hence I want to claim? Please suggest....!
Thanks,
Pramod
This is Pramod, from Hyderabad. I need to get clarify regarding housing loan claim. Situation goes like this :- we are a joint family and constructed own house 1year ago, for which we availed a loan of 9 lakhs. House is in the name of My Father & Brother, and even the loan taken was in their both names. However, right from beginning of the loan repayment, i'm paying the loan installment from my bank account through ECS. Another point is I'm standing as a guarantor for the loan taken, my brother & father are Applicant & Co- applicant respectively.
Can I claim the benefit of loan repayment on any of judicial case, explanation in act etc. without having beneficiary ownership. Also to confirm, my father & brother do not have taxable income to claim this, hence I want to claim? Please suggest....!
Thanks,
Pramod
27 September 2015
no you can't claim. you need to be in beneficial owner of house for getting exemption/deduction for the payment
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
