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Housing Loan Repayment

**KK** (B.Com. MBA. Pursuing CA & CS) (255 Points)

13 July 2010

The assessee is paying the Housing Loan Repayment on behalf of his expired mother in law, Is he eligible for 80C deduction? and Is he liable to show the Housing Loan Outstanding and Interest payment in his books of accounts?..

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5 Replies

JOYAL GEORGE (Partner M/s Balan & CO Cochin) (388 Points)
Replied 13 July 2010

In my opinion he can claim deduction if and only if the income from that house property is taxable in the hands of the assessee. or it should be self occupied property of the assessee. If it is not a self occupied property, the income from that HP should be assessed as his income.

If all these conditions are satisfied he can claim as deduction...

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Amir (Learner) (4016 Points)
Replied 13 July 2010

Dear K.K.

I am not sure but I think the question to be answered first in this situation will be who has inherited this property?

Is it assessee or his wife?

shyam sundar (Article Assisstant) (183 Points)
Replied 13 July 2010

I am not sure, but housing loan repayment can be claimed only by the individual in whose name the loan is taken..

in case of interest repayment the loan and house should be in the name of same individual.

In the given case if the will is towards the assessee from mother in law , then the he can claim or else its not possible.

(Guest)

Originally posted by : shyam sundar
	I am not sure, but housing loan repayment can be claimed only by the individual in whose name the loan is taken.. in case of interest repayment the loan and house should be in the name of same individual. In the given case if the will is towards the assessee from mother in law , then the he can claim or else its not possible.