Hi Sreekanth,
I have a query regarding the tax benefit of housing loan.
The property is in my Mother's name. We have a taken a home loan recently. I am the co-applicant of the loan but not the co-owner of the property. I am paying the repayment of the loan since My mother is home maker. EMI is deducting from our joint account.
Am I eligible to claim for the tax benefits?
Please clarify it. Thanks.
1 Answers
Hi,
You need to be a co-owner of the property as well, to claim tax benefits.
To avail the income tax benefits on a Joint Home loan, the co-borrower of the loan has to be the co-owner of the property. So, if you are a co-borrower but not a co-owner of your property then you can not avail the income tax benefits. (Co-ownership is mandatory to avail income tax benefits.)
Kindly read :
Joint Home Loan : Eligibility rules & Income Tax Benefits
Please login or Register to submit your answer