Interest on Housing Loan
This query is : Resolved
K V Subba Rao
(Querist)
08 November 2007
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 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.
Ravikumar.G
(Expert)
09 November 2007
Thanks Mr.Rao for your information
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