T P Mahesh (Audit Executive & Tax consultant) (33 Points)
30 July 2013hi,
My client has taken joint loan with his father, on SOP house, constructed. Father is the owner of house, but client is paying the EMI fully. my father is retired person, senior citizen not claiming any amount of this loan.
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 30 July 2013
The necessary condition to be assessable under the head "income from house property" is
1)assessee should be OWNER of the house property
as u told such self occupied property is registered in the name of client's father,client's father can claim deduction of interest paid up to maximum of rs 150000 and EMI under sec 80C maximum of rs 100000.so if client father has taxable income,such father can claim benifit of both 80C and 24(b) otherwise i.e NO TAXABLE INCOME,ur father can claim such interest paid as NEGATIVE under the head HOUSE PROPERTY. and claim refund
I think to claim repayment of Housing loan u/s 80C, u should show income from house property in ur computation (to get deductions regarding municipal taxes paid)while filing return even though it is self occupied property.as client is not owner, he can not show this property in his returns
If aforesaid assertion is wrong,please send me P.M
please intimate me once ur query is completly cleared so as to enable to correct my self
thank u
CAclubindia
