Please Help: House property

Posted Date : 26-May-2011 , 06:56:54 am | Posted By Govind Ballabh Joshi

one person have two son they construcd building to take loan from bank the owner of property their father both are can clim intrest deduction under HP

Category : Income Tax | Answers : 1 | Comments : 4 | Hits : 627

Answers

Answer By: Vaneet Gupta

if all are co-owners then claim deduction

Comments

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Shalu Jain

26-May-2011 , 07:14:44 am

Only the owner of house property can claim interest to the extent of Rs. 1,50,000/-. If only father is the owner and sons just the co borrowers than his sons can not claim interest deduction. Only their father can claim it.

RAJESH SINGHAL

26-May-2011 , 10:21:47 am

Duduction will only be allowable to the owner of the HP

CA VIKAS JAIN

27-May-2011 , 02:50:57 am

dear govind, in this case owner of the property is originaly the father, and his two sons take a loan in their respective capacity and then building is constructed by using that fund taken through a loan. As far as to claim deduction for interest on loan under house property head , one must be the owner of the property. But if they declare themselve as co-owner of the property then deduction for interest should be allowed to sons from their respective share of income from house.