Dear sir,
I am applying for a home loan as a co-applicant along with my father for constructing house. The land is registered in the name of the father. I am availing loan on my salary basis and will deduct the EMI from my account. I want to know whether i am eligible for tax benefits since i am repaying the loan amount. The bank is saying that they will issue the interest certificate in my name (as am the primary applicant) and i can avail tax benefit.
Please guide.
1 Answers
Hi,
One has to be a co-owner or an owner of the property to claim tax benefits on home-loan.
As the property is in your father's name solely, you can not claim tax deductions even-though you are a co-borrower.
Kindly read:
http://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
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