shiva kumar R (Salaried) (80 Points)
26 March 2011Hi,
One of my friend taken housing loan from bank but the property is in the name of her mother in this case is he eligible to claim :
i) Rs. 100000 principal exemption U/s 80C
ii) Rs.150000 interest exemption U/s24B
Please post your answers on shiva_ruperao @ yahoo.com ASAP
Thanks & regards
Shiva
Pankaj Arora
(Learner)
(3134 Points)
Replied 26 March 2011
you can not claim..... Your mother can claim deduction of interest and principal amount…
shiva kumar R
(Salaried)
(80 Points)
Replied 26 March 2011
Mr. Pankaj
But the loan is in tha name of my fried
Pankaj Arora
(Learner)
(3134 Points)
Replied 26 March 2011
but the property is not on your name dear… both loan and property should be on your name…
now you can do one thing that transfer property on your name from mother’s name… of if possible join your mother as co applicant in loan…
shiva kumar R
(Salaried)
(80 Points)
Replied 26 March 2011
Mr.Pankaj
His mother is co-applicant in the loan
Pankaj Arora
(Learner)
(3134 Points)
Replied 26 March 2011
than your mother is eligible for deduction…. Of interest and principal amount.. or if you both want to take deduction than you can take in proportionate basis.
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