A person has taken a housing loan of Rs.70 Lac . Loan has been approved clubbing 3 IT files (A=(Father),B=(Son),C=(Mother)) but the registration of housing property has taken in the name of Mr. A. Will all the three A,B,C will get deduction of interest paid on housing loan and if all three should get how to show the repayment of loan to bank . As the emi is being paid by mr.a . So please suggest best way out so that all the 3 files can obtain the benefit of interest deduction of house loan and how to make the repayment .
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Housing loan interest payment deduction
Replies (3)
FOR AVIAL OF DEDUCTION U/S 24 B,,,,,,,,,,,,,,,,, A ASSESSEE MUST BE CO OWNER OF ASSEET AND CO BROWSER OF LOAN ,,,,,,,,AFTER THAT HE CAN CLAIM INTEREST AS HIS ATIO WHICH IS METION IN LOAN AND ASSET,,,,,,,,,,,,,
GOOD LUCK!
Only Mr. A can claim deduction of interest because he is the owner of the house.
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