Housing loan interest & principle us 80c/24b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2011 Dear Experts,

I am planning to construct a house for which I have planned to take Housing loan from bank/LIC wherein I am an applicant and my father is a Co-Applicant.

My query is that whether shall I take a deduction of Interest and Principle U/S 80C and 24E IF the land where I am planning to construct a house is in the name of my Father and as per the legality myself and my brother are legal heirs.

Thanks in advance....

CA CS CMA Sanjay Kumar Sareen

CA CS CMA Sanjay Kumar Sareen (Expert)
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23 November 2011 INTEREST ON BORROWED CAPITAL FOR CONSTRUCTION OF HOUSE PROPERTY IS AVAILABLE TO YOU EVEN IF THE LAND DOES NOT BELONG TO YOU.

IF THE SUPERSTRUCTURE IS OWNED BY YOU, YOU CAN CLAIM DEDUCTION UNDER SECTION 24.