If Mr.A taken home loan of Rs.15,00,000/- & the pledge property is on his Son's name Mr.B, both are earning persons. Mr. A having taxable income is Rs.8 lac and Mr.B under 3 lac.
Mr. B is only co applicant in loan, because the property is on his name. The main applicant is Mr.A
My question is
Can Mr. A take home loan benefits deduction under section 24(b) and 80C.
or
Both can get tax benefits
or
Only Mr. B can take tax benefits
Please help
for claiming the tax benefits on the property:
1. You must be a co-owner in the property
2. You must be a co-borrower for the loan.
(You may have taken the loan jointly, but unless you are an owner in the property – you are not entitled to the tax benefits)
So only B is Eligible to claim deduction and income from House Property in this case (as House Property Register on B Name and Loan Also).
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