Taxation
This query is : Resolved
27 August 2011
my mom booked a flat, which was under construction, a year ago, and iam the co-applicant. we have taken a loan for the flat and have been paying the emi, which is deducted from my mom salary account. can my mom claim tax banefits for the loan and if not, can any tax benefits be claimed after we take possession of the flat
my mom booked a flat, which was under construction, a year ago, and iam the co-applicant. we have taken a loan for the flat and have been paying the emi, which is deducted from my mom salary account. can my mom claim tax banefits for the loan and if not, can any tax benefits be claimed after we take possession of the flat
27 August 2011
Your mom can take benifit of EMI payment on the basis of loan taken on under construction flat as the risk and ownership is transferred to your mom and hence she will be in the position of claiming benifit.
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28 August 2011
Yes I agree with the expert
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