HOUSING LOAN EXEMPTION

by Arup Chanda
(Barasat , kolkata -700126 ,State : west Bengal, india)

Question

I have taken a housing loan of Rs. 4 lac on 01.11.2010 for extension of second floor of residential house from schedule bank in the joint name Arup Chanda (as a first name) and Anita Chanda (as a second name )who my mother and she is a house wife aged 58+ and fully dependent to me.

My mother is the only owner of house property.I am paying the entire EMI for housing loan from saving account in the name both.

My question is : Should I eligible for exemption of income tax on interest of housing loan paid for the FY 2012-13 relevant to AY 2013-14.

Please also be guided how can I claim for refund of income in respect of interest on housing loan paid for past years.

Please note that my mother did not submit IT return for last couple years.

Thanking you,

Arup Chanda




Answer

No. You are not eligible for interest deduction as the property is not in your name.

However, if the property is settled, or given on lease for more than 12 years, in your name, then there is a possibility of claiming the deduction under section 24 is available.

Thanks for Contacting Accounting-n-Taxation.Com

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