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Q. > Please Help: House property
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
1 Answers
answered Oct 01, 2013 by Vaneet Gupta , Delhi
if all are co-owners then claim deduction
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Comments
Shalu Jain
26-May-2011 , 07:14:44 amOnly 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 amDuduction will only be allowable to the owner of the HP
CA VIKAS JAIN
27-May-2011 , 02:50:57 amdear 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.
CA MANOJ GUPTA
28-May-2011 , 07:22:43 amthe father can gift them share in proprty then there will be no p[roblem