25 June 2011
please tell me that i have taken a home loan for the construction of our house but the house is in the name of my mother and the loan is in joint name me and my mother. so can i claim the deduction of home loan interst and principle amount
if she transfer my part in property and that is via with/without an aggrement .so can then i can claim that deduction
27 June 2011
if she t/f your share by registered deed, you may claim in the ratio of your share, but your share of installments of loan is to be paid by you taxabele income during the year under consideration
if that house should be self occupied then deduction of interest under section 24(b)of Rs. 1,50,000/-and principal under section 80C Maximum Rs.1,00,000/-
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