22 October 2014
Hi A salaried person has taken housing loan and purchased a house property. The property is purchased in the name of his father who is a retired person. Now the assessee wants to claim deduction of principal and interest u/s 80c and 24 ( b ) contending that the loan is taken in his own name. Can he get the deduction or not? Thanks in advance.
22 October 2014
Ownership is the first and foremost criteria which makes assessee eligible to claim deduction U/s 24 (b) & 80C. In this case deduction can't be claimed.
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