Home loan co - borrower
This query is : Resolved
09 April 2016
I work in a public sector bank . I am planning to take a staff housing loan from my bank with my father as
co- applicant,The entire loan amount including principal and interest will be borne by me. My father is a retired state
govt employee and i am the only daughter of my parents and i have no siblings and i am not yet married. However
my father is the sole owner of the land on which the house is to be constructed. Can i claim tax benefit under
Section 80C and Section 24 ? Please reply.
co- applicant,The entire loan amount including principal and interest will be borne by me. My father is a retired state
govt employee and i am the only daughter of my parents and i have no siblings and i am not yet married. However
my father is the sole owner of the land on which the house is to be constructed. Can i claim tax benefit under
Section 80C and Section 24 ? Please reply.
09 April 2016
No, you can't claim. You must be the owner/co-owner to the property.
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10 April 2016
In the case of Tinsukia Developement Corporation V CIT(1979)120 ITR 466(Cal) it has been held that the person who owns the building need not also be the owner of the land upon which it stands.
So, in this case if you take permission letter suitably drafted in the manner authorising you to construct the building, you will be allowed the benefits of Section 80C and Section 24 both.
So, in this case if you take permission letter suitably drafted in the manner authorising you to construct the building, you will be allowed the benefits of Section 80C and Section 24 both.
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