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.
Son Can Claim Full Tax Deductions on Jointly Owned House if He Made All Payments, Says Expert A query was raised about the tax implications of a house property jointly owned by a retired father and his son, where the son has made all payments related to the property. The son seeks to claim full interest and principal deductions on his income tax return. A respondent advised that if the father did not contribute financially, the son could claim full deductions. To justify this to the tax department, the son should demonstrate that all payments were made from his own funds and that the father's name is on the title deed out of affection. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
