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Tax benefit elligibility on home loans

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26 September 2007 My father has a house in his name, which we wish to demolish and reconstruct.For this purpose, I and my wife would like to join my father as copartners to apply for a loan from the bank.Can me and my wife be elligible for taking the tax benefit for the interest paid on the share of home loan taken by us? If it is not permitted then what is the cheapest & legal option to go for if me and my wife wish to enjoy tax benefit available on home loans.

arun
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arun

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arun (Querist)
26 September 2007 My father has a house in his name, which we wish to demolish and reconstruct.For this purpose, I and my wife would like to join my father as copartners to apply for a loan from the bank.Can me and my wife be elligible for taking the tax benefit for the interest paid on the share of home loan taken by us? If it is not permitted then what is the cheapest & legal option to go for if me and my wife wish to enjoy tax benefit available on home loans.

arun
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sivasankar

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sivasankar (Expert)
27 September 2007 Dear Arun,
To enjoy the benefit of home loan inform your father to gift the land to you and to your wife.
On the basis of your name you seem to be from Tamilnadu.If yes you can complete the registration formalities at a flat rate of 15000 only (since its between family members).
Kindly verify with registrar office whether this option is available to daughter in law also.
Then on becoming the owner of the land you can enjoy the benefit of section 24 (interest on loan)and section 80-C(Principal repayment upto 1 lac).
Else you three can form a partnership firm and enjoy the interest alone as expense and not 80-C.
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