Dear Sir,
Whether benefit of home loan for Income Tax under section 80C and 24B can be availed by legal heirs who were not co-owner at the time of application of home loan but were co-applicant in home loan.
If yes, what procedure should be followed to avail the above mentioned benefit.
1 Answers
Hi,
If a co-borrower of home loan is not a co-owner of the property then he/she can not avail tax benefits on home loan.
Kindly read :
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
https://www.relakhs.com/real-estate-property-transfer-deed-types/
https://www.relakhs.com/gift-income-tax-rules-detailed-guide/
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