Interest on Housing Loan
This query is : Resolved
07 November 2007
whether Interest and repayment of housing loan claim by a son ( Who have actually taken loan) but house is in the name of mother. If yes, then any sec. or case law available, because employer is not giving exemption to son, Another query is whether a son can claim two housing loan benefits at a time.
Thanks,
Vinod Sharma
Thanks,
Vinod Sharma
08 November 2007
No.
To avail it you have to be co-owner. Document it by Deed.
Also the reply is posted by K V Subba Rao. Please read.
Happy Diwali.
To avail it you have to be co-owner. Document it by Deed.
Also the reply is posted by K V Subba Rao. Please read.
Happy Diwali.
09 November 2007
The following is the answer by Mr.Rao:
I have perused the Question on the above subject, viz., Interest on Housing Loan raised by Mr Vinod Sharma.
I intended to answer the Query but the website didn't allow me to post my reply. Hence I wish the following reply to be posted to Mr Vinod Sharma.
"Please visit www.apnaloan.com in which a similar point has been answered under caption-Home Loan Tax Tip Tax deduction for a co-borrower who is not a co-owner".
Only Owners and Co-Owners would be entitled to claim any tax benefits in respect of the loan installments repaid on such a loan. You could explore the option of becoming a co-owner by virtue of a gift deed or sale deed both of which will entail payment of stamp duty. Only after you become a co-owner, will you be able to claim the tax benefits
I have perused the Question on the above subject, viz., Interest on Housing Loan raised by Mr Vinod Sharma.
I intended to answer the Query but the website didn't allow me to post my reply. Hence I wish the following reply to be posted to Mr Vinod Sharma.
"Please visit www.apnaloan.com in which a similar point has been answered under caption-Home Loan Tax Tip Tax deduction for a co-borrower who is not a co-owner".
Only Owners and Co-Owners would be entitled to claim any tax benefits in respect of the loan installments repaid on such a loan. You could explore the option of becoming a co-owner by virtue of a gift deed or sale deed both of which will entail payment of stamp duty. Only after you become a co-owner, will you be able to claim the tax benefits
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