INTEREST ON HOUSING LOAN

Here we have to see that at the time of granting home loan, whether the son was taken as co-applicant in the case to make eligible for the loan. if this is the case then loan document will show the son name as co-applicant and so even the repayment is going from father's account and main applicant to the loan is father, the son can claim interest u/s 24.

I really apprecaite Shudhanshu point that a person who does not have any income or did not file any return, can be given home loan by the bank.

so i think that son may have been taken as co-applicant in the case. so son will be entitiled for claiming interest in full.

I think to claim the interest ownership + payment of loan both should be considered.

Here ownership has been defined as son is also a coowner of the house but since payment has not been made by the son, so he can't claim the deduction

son cannot claim deduction under section 24 as interest on borrowed capital as he did not pay any amount of interest and principal so therefore deduction avaliable only if he had paid the amount.

i agree with shashi bhushan... son cannot claim as he didnt pay any amount against interest or principal.
 

Son can claim his part irrespective of that, the payment is made of his fathers account

I THINK FATHER CAN CLAIM DEDUCTION OF INTEREST

ONLY PART OF INTEREST IS CLAIM

I THINK HE CAN CLAIM 1/3 SHARE BECAUSE HE IS A CO OWNER OF HOUSE PROPERTY

agree with all... father only can claim deduction of interest....

Only Father can claim deduction since only he is making payment for the loan..

First of All as per Banking Norms , every person granting application for housig loans should have filed return for at least last 3 years ( some banks may provide other than 3 year) .

Income from Hose property will be distributed in 3 parts as per their share

Claim of Intrest can be made only by that person who's in name of . (  Since it's in act that Loan taken by assessee ) in this case father only

As per Sec 24, deduction can be claimed for interest on housing loan (subject regarding to payment is no where specified) which means the interest can be caimed as a deduction on accrual basis irrelavant of payment

 Here Son cannot take any deduction u/s 80 C because son has not paid the interest on loan, It has been paid from the fathers bank account.

Originally posted by : shailendra
	Here Son cannot take any deduction u/s 80 C because son has not paid the interest on loan, It has been paid from the fathers bank account.

Dear! section 80 C is not for interest on loan.

As per section 24(b)- Deduction for interest on Loan taken for House property- Deduction shall be allowed to the owner or deemed owner of the House Property. Though the Son is Co-owner in the House property, He is not paying any interest (as interest is paid by Father). Therefore No deduction shall be allowed to Son while calculating his income under the head House Property.

Please remember, notional expendituere is normally not allowed as a deduction.

Father can claim the deduction, while calculation his income under the head House Property.

Thanks