Housing loan deduction - parent house

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B.Com
35 Points Posted on 26 April 2021
can i get a deduction or tax benefit for paying off the EMIs of house owned by my parents??
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On 26 April 2021 at 13:07 Report
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Quick Summary
This discussion clarifies whether you can claim tax deductions for paying EMIs on a house owned by your parents. The consensus is that you cannot claim this deduction. To be eligible for tax benefits on a housing loan, you must be the legal owner of the property, the loan must be in your name, and you must be the one making the payments.

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ArticleShip
393 Points Posted on 26 April 2021
No, Not eligible
1 Reply
On 26 April 2021 at 13:13
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CMA
13117 Points Posted on 26 April 2021

Agree with Prathyusha. Since you are not the owner, you will not be able to avail such deductions.

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On 26 April 2021 at 13:53
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Learner
2398 Points Posted on 26 April 2021
You should be the owner, loan should be on your name and has to pay by you then you are eligible Vinit.
1 Reply
On 26 April 2021 at 14:22

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