Income tax benefit for coborrowers in joint home loan

785 views 5 replies

I have bought a flat in name of my mother only, who is a housewife.
I have taken a joint home loan in which my mother and i are co-applicant.
I'm just co-borrower not co-owner of the property.
After registry of the house, i came to know that co-borrowers are not entitled for income tax benefits if they are not co-owner of the property.
I just wanted to ask whether is there any way around to claim tax benefits as i would be paying the emis and not my mother.

Thanks

Replies (5)

A co-borrower to a home loan who is not a owner or co-owner of the house property cannot claim deduction u/s 24(b).

what about other sections.. like 80c and 80ee?

No deduction can be taken by co-borrower to a home loan who is not a owner or co-owner of the house property under any section of IT act 1961.

 

so. is there any solution to this problem .. any loophole or i'm stuck with just paying emis without any tax benefit.
suppose if through a gift deed ( which i heard is one of the cheapest among such) my mother gives me 50 % share of the property. will i be able to take tax benefit then.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details