16 May 2011
Mother is taken a loan against construction of Housing Property from SBI and loan repayment is deducted against Son salary income Father is also earn salary income.
my query is can son claim deduction U/S-80C, it yes then how much.
16 May 2011
yes, son claim deduction U/S-80C. if its self occupied then should be claim upto 150000/-, or not self occupied then claim 150000/- + interest on housing loan
16 May 2011
DEDUCTION UNDER SECTION 80C IS AVAILABLE ONLY IF THE MONEY HAS BEEN BORROWED BY THE ASSESSEE HIMSELF FURTHER THE HOUSE PROPERTY SHALL BE ONE WHOSE INCOME IS CHARGEABLE UNDER THE ACT IN THE HANDS OF THE ASSESSEE IN THIS CASE MONEY WAS BORROWED BY MOTHER ITS REASONABLE TO ASSUME THAT SHE IS THE OWNER OF THE HOUSE NO DED WILL BE ALLOWED UNDER SECTION 80C
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