Housing Loan
This query is : Resolved
21 August 2008
Hi,
I had taken a Housing Loan for which my Father is Main applicant and I am joint applicant. Property is in the name of Father.
EMI's are paid by me using my savings account (salary account).
Am I eligible to claim Interest / Principle amount paid for Housing Loan. If so to what extent and which component can be claimed by me??
Thanks in advance.
Regards
Sridhar
I had taken a Housing Loan for which my Father is Main applicant and I am joint applicant. Property is in the name of Father.
EMI's are paid by me using my savings account (salary account).
Am I eligible to claim Interest / Principle amount paid for Housing Loan. If so to what extent and which component can be claimed by me??
Thanks in advance.
Regards
Sridhar
21 August 2008
You have to be the owner of the property to claim the deduction.
Registered ownership may not be necessary (1) when a person is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), as he shall be deemed to be the owner of that building or part thereof
(2) when a person is considered as owner u/s.27
Registered ownership may not be necessary (1) when a person is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), as he shall be deemed to be the owner of that building or part thereof
(2) when a person is considered as owner u/s.27
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