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Homeloan Tax Benifit
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?
Replies (6)
Yes allow. By different tax laws
can you elaborate?
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.
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
you can add your name to the property after which you can claim the home loan benefits
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
If I am wrong please correct me
Thank u
Generally trend is followed as mentioned in question to avoid some Stamp duty nd other things
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