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Homeloan Tax Benifit

11 August 2019

My mother is the sole owner of the house property. Though she is co-borrower in Homeloan alongwith myself and my brother. EMI will be paid by me and my brother. So can we allow to take advantage of Homeloan Tax Benifit?

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6 Replies

Pankaj jakhar (trainee) (151 Points)
Replied 11 August 2019

Yes allow. By different tax laws

Abhilash Gandhi (27 Points)
Replied 11 August 2019

can you elaborate?

Pankaj jakhar (trainee) (151 Points)
Replied 11 August 2019

Mother and son is relative so doesn't matter who pay emi can take deduction. If two son pay through bank account then both can take deduction proportionately. As pay by them.

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 12 August 2019

no you can't take the benefit, since mother is the sole owner of the property.
you can add your name to the property after which you can claim the home loan benefits

M. Muthukumar (Accounts Manager) (38 Points)
Replied 13 August 2019

Clearly mentioned mother is the only one owner of the property but two sons paying EMI on behalf of his mother in this case mother only can take the tax benefits but sons can't able to take the tax benefit Bec they are paying amount for their mother's home loan towards gift , so they are not able to get tax benefit,
If I am wrong please correct me
Thank u