Income tax benefit for co-borrowers
This query is : Resolved
22 January 2014
I have bought a flat in name of my mother only, who is a housewife.
I have taken a joint home loan in which my mother and i are co-applicant.
I'm just co-borrower not co-owner of the property.
After registry of the house, i came to know that co-borrowers are not entitled for income tax benefits if they are not co-owner of the property.
I just wanted to ask whether is there any way around to claim tax benefits as i would be paying the emis and not my mother.
I have taken a joint home loan in which my mother and i are co-applicant.
I'm just co-borrower not co-owner of the property.
After registry of the house, i came to know that co-borrowers are not entitled for income tax benefits if they are not co-owner of the property.
I just wanted to ask whether is there any way around to claim tax benefits as i would be paying the emis and not my mother.
22 January 2014
Hi
You can show HRA payment to your mother, she can claim HRA income & int. on loan as deduction.
Thx
You can show HRA payment to your mother, she can claim HRA income & int. on loan as deduction.
Thx
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