House Loan payment deduction

This discussion clarifies who can claim tax deductions for a house loan. Generally, only the legal owners of the property, as stated on the purchase deed, are eligible to claim deductions under Section 80C for loan repayments and interest. If the deed is in your parents' name, even if you co-signed the loan, you likely cannot claim these deductions. It's advisable for loan instalments to be paid directly from the owners' bank accounts to support the claim.