Converting housing loan to my name

Tax queries 424 views 1 replies

Hi Everyone,

 

This post is regarding my housing loan. Two years back we got a housing loan from a reputed bank. Loan is on my father name (Home/Land documents also) and myself is guarantor. But now only I realized that I can’t avail any kind of tax benefit towards the housing loan as guarantor. (Though we are paying EMI from my income).  No taxable income for my father also.

 

So Kindly advice how I can avail IT benefits on this.

 

Please advise the complete process of converting housing loan from my father name to my name (If it’s possible.)

 

Thanks in advance

 

- vinoth

Replies (1)

You can make an gift deed in your favor and make payments through your account to take the benefit of IT deduction.

 

Regards

Sahana Murthy


CCI Pro

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