Rekha (MANAGER - FINANCE & ACCOUNTS) (1445 Points)
21 December 2009Hi all
House Property in the name of Father, Mother, Son... Equal Share...
Both the father & the mother do not file any income tax returns... The Principal and interest payments are made from the fathers’ bank Account…
Can the Son Claim interest on housing loan??? Either he cannot claim at all or full amount he can claim or only his share???
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 December 2009
First of all, i think the clarification is needed in respect of LOAN taken.... I mean, on whose name is loan taken?? Is it the son or father??
CA Manasa
(CA)
(1479 Points)
Replied 21 December 2009
As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable.
Rekha
(MANAGER - FINANCE & ACCOUNTS)
(1445 Points)
Replied 21 December 2009
Loan is in the name of father only..
Rekha
(MANAGER - FINANCE & ACCOUNTS)
(1445 Points)
Replied 21 December 2009
| Originally posted by : Manasa | ||
 |
As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable. |  |
is it mandatory that to claim his share of interest, he should have actually paid?? the entire loan is in the name of father. payments are made from fathers bank account.. the assessee(son) does not pay any amount..
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 21 December 2009
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 21 December 2009
Father can only claim deduction u/s 24b.....as son is not invloved in loan in any manner(taken or repayment)......moreover this is practically not possible....that a person is repaying a hosing loan and doesnt have any income to show in the ITR.
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 21 December 2009
Moreover every bank before providing any housing loan ask for ITR......so according to me this is a question which practically doesnt exsist.
CA Manasa
(CA)
(1479 Points)
Replied 21 December 2009
| Originally posted by : Rekha | ||
|
Originally posted by : Manasa As Per Sec 24 The son can claim only his share of Interest since he is a Co Owner and the Share is ascertainable. is it mandatory that to claim his share of interest, he should have actually paid?? the entire loan is in the name of father. payments are made from fathers bank account.. the assessee(son) does not pay any amount.. |
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Yes its mandatory that he should pay the loan Since in this case he is not paying any amount only his father can claim the amount.
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 21 December 2009
son is not able to claim deduction u/s 24 (b), because it is allowed on due basis but laoan actually paid by the father so deduction allowed to father only.
CA PRAVEEN KESHAV
(CHARTERED ACCOUNTANT)
(331 Points)
Replied 21 December 2009
son cannot claim any deduction .........
Shashi Bhushan
(Learner, Jalandhar)
(996 Points)
Replied 21 December 2009
Interest will be allowed to father only.
because in Act wording is '' Interest payable by the assessee"
Interest is not payable by the Son so he cant claim. It would have been Allowed if it was payable by him from his own taxable income.
Also in this Case. House is purchased by the father. but he Registered it in the name of Wife and Son also. But wife and Son can not be held as owner. Father will be Deemed owner of the house u/s 27. so only he will be liable to tax for the house property.
If Wife and Son have got registeration on paying some consideration then all of three are co owner and each one can claim Rs. 1,50,000 for interest individually if each of them is paying interest.
R!tu Ber!
(Chartered Accountant)
(405 Points)
Replied 21 December 2009
i agree fully with Mr. dhiraj
CAclubindia
