Interest on Housing Loan - Ansisteral Property

This query is : Resolved

Manosh Pillai (Querist)
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05 August 2009 I had constructed a house in the property which will be mine after my father as per my father's will.

My company has regected my application stating that I am not the owner and hence excemption can not be claimed.

I have got the loan and the EMI is paid by me.

Am I eligible for excemption of Interest under income tax act.

Regards
Manosh

CA.Nikhil Gupta

CA.Nikhil Gupta (Expert)
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06 August 2009 its not exemption of interest rather deduction for interest paid under sec 24(b) of income tax act.

The deduction is allowed only to the owner of property and as you are not the owner, deduction is not allowed to you.