Income tax benifit forpersonel loan used for home construction & rent paid on house

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Income tax benifit forpersonel loan used for home construction & rent paid on house

hi i have taken personel loan from HDFC bank of 700000 for construction of home which is on my father’s name & i am residing in other city for job in rented house, can i claim both for income tax benefit?

Asked By: Anonymous 2 replies 1 helpful answers Last Updated: 3 months ago
  • Anonymous

    hi i have taken personel loan from HDFC bank of 700000 for construction of home which is on my father’s name & i am residing in other city for job in rented house, can i claim both for income tax benefit?

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    For claiming the deduction for housing loan interest u/s 24 you should be the owner or joint owner of the property and the loan amount should be used for the purchase or construction of the house.

    In your case as you are not the owner of the house you will not be able to claim the benefit u/s 24.

  • Profile photo of Nitesh BindNitesh Bind
    Participant

    For Claiming tax benefits under section 24 for loan interest and under section 80C, the property must be in your name to claim the deduction of this sum. In the said case, you have taken property in name of your father therefore no tax deduction would be given to you. Thanks.

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