Hi Sir,
I got home loan for a property where I am the borrower and she is the co borrower.The property is registered in my mother name and I am the only son for my parents and my mom's is a home maker. Shall I avail tax benefits under 80c and 20 b? If not, is there any way to avail it as I'm the only person is going to pay entire EMI.
1 Answers
Hi,
To avail tax benefits on home loan, one should be owner/co-owner of the property and a borrower/co-borrower of home loan. Need to satisfy both the conditions.
If you are not co-owner of the property, you can not claim tax benefit on home loan (80c/24b).
Suggested reading:
https://www.relakhs.com/real-estate-property-transfer-deed-types/
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
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