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Home loan

madhu (software engineer) (24 Points)

16 January 2008

I have a Question regarding house loan, my home in my home town was financed with home loan on my fathers name, but I am paying the loan on my family behave, can I claim this as home loan in my tax claims, if so how can I do it.

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3 Replies

Amit Khandelia (Analyst) (125 Points)
Replied 16 January 2008

In order to claim benefit Under income tax, ownership is also necessary.

If you do not have the ownership, you can not claim benefit under income tax.

Amit Sharma (article) (2677 Points)
Replied 16 January 2008

Perfectly said by Mr.Amit

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. ) (9017 Points)
Replied 16 January 2008

According to the Income Tax Act, the person who has taken the loan can claim tax rebates. Hence in this case only the father will be eligible for the tax rebate.