Deduction allowed on interest paid on Loan?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2011 House property is in the name of father. Son has taken loan for acquiring the property. Can the interest paid on loan taken be claimed by the son in computing his income? If this is not allowed, is there any provision under which interest paid can be claimed as a deduction?

B R Ramesh

B R Ramesh (Expert)
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12 February 2011 Hi

it is possible only when the EMI paid by the SOn from his bank account upto i.5 lakh per annuam interest u/s 24A. and 1 lakh principle will be claimed. under 80 C