Home Loan

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Mayur`

Mayur` (Querist)
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22 September 2017 A Home Loan was taken by Father and son as both joint applicat. The Flat is in the name of father EMI is paid form father account where the son transfers money from his salary earn and father have savings Does deduction of section 24 of act will be applied to both or just for the father Principal repayment deduction can b claim by both or just by father Can the son claim Hra or no

Amol S Joglekar

Amol S Joglekar (Expert)
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22 September 2017 ce the house is in the name of father, only he can claim income/loss/deduction....

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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22 September 2017 Agree.

To claim tax benefits from home loan, assessee should be a owner / part owner of the house. The fact that he pays the interest from his funds is not enough

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RAJA P M

RAJA P M (Expert)
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22 September 2017 Yes. I agreed with Both Experts.... The house is only father's name. So, the benefit avail only to fathers hand.... In case the house is both name then only both can take the benefit as per share....