Please Help: House property
Posted Date : 26-May-2011 , 06:56:54 am | Posted By: Govind Ballabh Joshi
Category :
Income Tax | Answers :
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Comments :
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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 |
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Answers:
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 Answer by: Vaneet Gupta |
| if all are co-owners then claim deduction
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| Comments |
| Posted By : CA MANOJ GUPTA |
28-May-2011, 07:22:43 |
| the father can gift them share in proprty then there will be no p[roblem |
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| Posted By : CA VIKAS JAIN |
27-May-2011, 02:50:57 |
| 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. |
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| Posted By : RAJESH SINGHAL |
26-May-2011, 10:21:47 |
| Duduction will only be allowable to the owner of the HP |
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| Posted By : Shalu Jain |
26-May-2011, 07:14:44 |
| 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. |
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