05 October 2011
We are having a house which is in the name of my father. I am not having any kind of ownership claim in that property. I had taken a bank loan for constructing 1st floor for which I am the first payer and my father is the second payer. Can I get deduction for housing loan and what are the other formalities which I had to fulfill for availing tax deduction.
If the loan taken is in joint name then both of you will get separate deduction for Interest paid on house loan upto 1.5 Lacs & repayment of principal for loan principal repayment.
But be assure that both of you have paid the same from your personal accounts.
Further you asked for the other formalities which are as under: 1. Take Intt. & Principal payment certificate from the lender bank/FI.
2. Submit the source of repayment to the tax advisor to calculate the separate deduction as mentioned above.
05 March 2012
agreed with Mr. Warrier additions. Untill you dont have any ownership rights in the property you will not get any benefit of Intt & loan repayment.
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