Rebate of housing loan

This query is : Resolved

RAJESH KUMAR (Querist)
Follow

29 September 2017 My father owned a property in his name. I am coming borrower in bank loan account. I pay the full installment of loan. Can I claim 100% deduction of HOUSING loan?

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
Follow

29 September 2017 Deduction u/s 80C Maximum deduction of Rs. 150000 for principal repayment and Deduction u/s 24 i.e income from house property Maximum deduction of Rs. 200000 for interest repayment

RAJA P M

RAJA P M (Expert)
Follow

29 September 2017 Yes I agreed with Mr Ashiwini Ballodia... Available deduction Under section 80C Rs. 150,000/- (Include all deduction under 80C) Rs 200,000 is maximum deduction allowed u/s 24 ...

Upgrade to CAclubindia Pro. Subscribe Now!

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

29 September 2017 And to avail home loan deductions, you must also be a joint owner of the property. Merely being a co borrower will not be considered