Hello,
I am planning to buy a home. I will take a home loan. There will be two applicants. Me and my mother.
I want to buy property on my mother's name. So I ll be paying the loan EMI but I will not be owner of the house legally.
Now my question is hence I am paying EMI of loan amount. Can I get advantage of deduction in IT for EMI's amount ?
Dear hiten, deduction is available if you are paying the EMI & you co-own the house.
Actually the reason I kept property on my mother's name is to save stamp duty.
So now to avail the tax benefits I have to include my name in porperty and also have to pay stamp duty. Right ?
| Originally posted by : saloni | ||
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Dear hiten, deduction is available if you are paying the EMI & you co-own the house. |
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Yes you need to be co-owner as well as co-applicant of property loan to avail section 80C benefits.
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