jhonny (NA) (156 Points)
13 March 2012hello friends.
A person owns a self occupied house property.Now a housing loan is taken for the purpose of extention of that house property.The loan is taken jointly by him and his son.Can the son claim interest on housing loan as deduction while computing his total income.?the house is owned by his father.Interest is paid by the son.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 15 March 2012
As per provision of Section 22 of the I-T act, only the person who is the owner of the House Property, is eligible to claim the deductions against house property.
In your case, the son only an co-borrower & not an co-owner, so even if he is paying the EMI he is not eligible to claim the interest deduction.on home loan
jhonny
(NA)
(156 Points)
Replied 16 March 2012
thank u sir..In such a case if the father transfers the property to Son s name whether the Son can claim deduction for interest payment?
Abrar Siddiqui
(Self Employed)
(35 Points)
Replied 25 March 2012
My client has purchase a bunglow and avail a housing loan. The client has rented the terrace for mobile tower and received a yearly rent of Rs. 500000/-
The total interest paid on housing loan is Rs. 122500/-
The client occupies the bunglow and rented the terrace
I have prepared two property one is self occupied and another rented.
can any one compute the Income from house property.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 25 March 2012
Rent Received 500000
Less- Municipal Tax paid
Net Adjusted Annual value 500000
Less : Std Ded @ 30% -150000
Int on housing loan -122500
Income from HP 227500
You have not given the amount of municipal tax paid by your clinet. The same would get reduced from the rent received & the std deduction would change accordingly
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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