gourav (student) (60 Points)
24 July 2008Plz tell me in this case:-
If a father had taken an House Loan and the partial amount of the Principal & Interest on this housing loan was paid by his son or any other person (NOT AN RELATIVE). Then this repayment is allowed as deduction u/s 24(b) & 80C.
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 24 July 2008
deduction u/s 80C is availaable on the amount paid by the assesee only ............no deduction u/s for payment by other party
Aman Malhotra
(CA)
(26 Points)
Replied 24 July 2008
Dear Gourav,
It is only if the house property is in the name of the son that he would be eligible to get the ded u/s 80C and 24(b). in case the property is in the name of th father the son will not be able to claim any deduction
CAclubindia
