Loan principal repayment
This query is : Resolved
05 March 2015
My home loan is on my father's name but i want to take deduction of loan principal repayment on my mother's income tax return . .Is there is any way to take this deduction in mother's name
06 March 2015
No, you can not take deduction in your mother's ITR. Even in case of joint ownership of property, only a borrower who repays the principal and interest can claim deductions.
In case of joint borrower, it is advisable to repay the loan amount through a Joint account.
In case of joint borrower, it is advisable to repay the loan amount through a Joint account.
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