https://www.taxtmi.com/forum/issue?id=2003 Claim centers on a taxpayer who paid housing loan installments and interest for a house owned by his father and sought to set off that interest against his interest income; the AO disallowed the set-off and threatened penalty proceedings under section 271(1)(c). Advisers recommend documenting the house's use, the payer-owner arrangement, and considering recharacterising payments as rent, business expense, or a Chapter VIA deduction while proving bonafide intent to avoid additions and penalties. en-us Mon, 21 Jun 2010 20:21:15 +0530 Thu, 23 Jan 2025 15:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2003 Claim centers on a taxpayer who paid housing loan installments and interest for a house owned by his father and sought to set off that interest against his interest income; the AO disallowed the set-off and threatened penalty proceedings under section 271(1)(c). Advisers recommend documenting the house's use, the payer-owner arrangement, and considering recharacterising payments as rent, business expense, or a Chapter VIA deduction while proving bonafide intent to avoid additions and penalties. Discussion-Forum Income Tax Mon, 21 Jun 2010 20:21:15 +0530 https://www.taxtmi.com/forum/issue?id=2003