House Property taken in joint names

[Asked by Guest]

I want to know if a house property is in joint name of retired father and son. All the EMI of Land Cost and building Cost, Registry Cost, all correspondence takes place with the son which can be cross-checked by interest-principal certificate in which only son name is written. Also, the client has paid full balance land loan by his saving account and the building loan EMI he is paying from starting.

So, can son taken full interest deduction and full principal deduction in his income tax return.

[DR.MARIAPPAN GOVINDARAJAN]

Dear Sir,

Whether the father contributed any amount for the said property? If not the son can utilize full principal and interest.

M. Govindarajan

Father has not contributed anything. But, how to justify the above point at income tax department. Like any case law is there to be quoted.

[DR.MARIAPPAN GOVINDARAJAN]

Dear Sir,

You can show all the payment made by you for the house property by your own sources and the name of the father is added in the title deed only on love and affection.

Regards,

M. Govindarajan

Ok Thnx. Sir

AI Summary

Beneficial ownership determines tax deductions for house property; consistent payment records support claiming full interest and principal deduction.
If the father made no financial contribution, the son may claim full interest and principal deductions by proving beneficial ownership and payment origin. Key evidence includes bank statements showing EMIs paid by the son, loan interest-principal certificates naming the son, receipts for acquisition costs, and documentation that the father's name was added by love and affection; these records are necessary to substantiate the son's entitlement to the deductions before tax authorities.