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Interest on Home Loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 February 2011 Sir,

One of the assessee wants to claim the interest and prinicipal on Housing loan repayment but the Land is in the name of his Father,he is repaying the loan,
he is not the co-owner for the land
but he is one of the borrower as per bank document. So his name will be there in the interest and principal certificate. Can he claim such Interest and Principal amount paid in his personal IT return under Sec 24 (b) and 80 C resp.

Advance Thanks.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
01 February 2011 NO..... Ownership is the main condition.

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