09 April 2011
Sir one of my friend has taken housing loan in his name and repaying all emi's through his bank account, but the property is in his mother's name. is he eligible U/s.80C for repayment of principal & u/s.24 (b) for interest.If not, what will be the tax implication
10 April 2011
the basic condition to claim interest u/s 21(b)is the person claiming should be the owner of the house property. in this case even though the EMIs are paid by him since he is nt d owner of the property he cant claim the interet benefit.
CAclubindia
