Housing loan exemption/deduction by a child of owner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2013
I have a qurey on allowability of Housing Loan Installments paid by son of the owner which is explained by an example as below:
Suppose Mrs. A is owner of a House property. Mrs. A is having nil income.Son of Mrs.A(i.e. Mr. B) income is chargeable to tax.Bank has advanced Housing loan to her Son Mr. B for the aquisition of house and keeping Mrs. B as co-borrower. The house is occupied by both Mrs. A and Mr. B. Can Mr. B claim entire exemption of interest (upto Rs. 1.50 Lakhs) and principal of installment from his taxable income??
Suppose Mrs. A is owner of a House property. Mrs. A is having nil income.Son of Mrs.A(i.e. Mr. B) income is chargeable to tax.Bank has advanced Housing loan to her Son Mr. B for the aquisition of house and keeping Mrs. B as co-borrower. The house is occupied by both Mrs. A and Mr. B. Can Mr. B claim entire exemption of interest (upto Rs. 1.50 Lakhs) and principal of installment from his taxable income??
22 August 2013
yes bank has correctly advise
Go ahead with
Go ahead with
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2013
Thank you for the reply. Further continuing with the above example: If bank advances top up loan over and above housing loan to Mr. B for repairs and pur. Of furniture in the house, whether Mr. B can claim exemption on the the top up loan???
24 August 2013
interest on top up loans for repairs is allowed under sec.24b. subject to same cap of Rs.1.50 lakh
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