Interest on housing loan
This query is : Resolved
22 October 2014
Hi
A salaried person has taken housing loan and purchased a house property. The property is purchased in the name of his father who is a retired person. Now the assessee wants to claim deduction of principal and interest u/s 80c and 24 ( b ) contending that the loan is taken in his own name. Can he get the deduction or not? Thanks in advance.
A salaried person has taken housing loan and purchased a house property. The property is purchased in the name of his father who is a retired person. Now the assessee wants to claim deduction of principal and interest u/s 80c and 24 ( b ) contending that the loan is taken in his own name. Can he get the deduction or not? Thanks in advance.
22 October 2014
No he can not claim deduction, pre-requirement is property should be owned by him & Certificate issued by bank should be in his name.
Thanks
Thanks
22 October 2014
Ownership is the first and foremost criteria which makes assessee eligible to claim deduction U/s 24 (b) & 80C. In this case deduction can't be claimed.
22 October 2014
can a person takes a housing loan in his own name and the property is not in his name ?
23 October 2014
Yes a person can. As long as the property is in his relative's name
23 October 2014
Thanks i got it,in the legal context we call him co- applicant for the loan who may or may not be different from co- owner.
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