Question ID : 520
Deduction of Interest and Principal repayment of Housing loan
My client is pnng to take a housg loan for construction of first floor. The existg house is the name of his father. He does not have any ownership the property. He will repay the loan.The loan will be taken jot names.
Whether he can cim tax benefits without ownership of the property?
Whether GPA holder is conred as absolute owner of the property?
If father makes a gift deed favour of his son can son cim the tax benefits ?
Is it necessary that the son should have ownership at the time of takg loan ? '
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