Dear sir
I am co-applicant in home loan with my mother & property is registered in my mothers name. Can I claim income tax relaxation if not then any solution for this case because loan EMI is deducted from my account
1 Answers
Hi,
One needs to owner/co-owner of property and applicant/co-applicant of home loan to claim tax benefits.
As you are not the co-owner, you are not eligible to claim tax benefits on home loan payments.
Your mother can gift a share in the property. You may have to inform the banker/lender on this, as ownership gets changed.
If your mother gifts 50% share then you can claim 50% of EMI payments as tax rebate.
Related articles:
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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