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House Property is completely owned by Mother but housing loan interest is paid by Son in joint account with mother . Can son claim deduction of interest under section 24 ? If whole interest was individually paid by son(I.e. without having joint account with mother) will interest deduction of section 24 can be claimed ? What will be the treatment of Principal component under section 80C ?
Replies (4)
Interest can be claimed by mother as the house is in her name, however, as the Interest is being paid by her son shall not be considered as the house is in the name of the mother.
Similarly, principal repayment of loan can be claimed by the assessee in whose name the house is.
Regards,
Devendra Kulkarni
Chartered Accountant
09890543808
Hello,
A co-owner, who is not a co-borrower, is not entitled to tax benefits. Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.
Hello,
A co-owner, who is not a co-borrower, is not entitled to tax benefits. Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.
Thankyou Experts for helping me on the same .
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