I work with a MNC company and have my home in Bhilai which is registered in my mother's name. I have created an independent 1st floor and have taken a loan from bank with my mother as joint owner. I have paid the margin money and also paying the emi for the home loan.
Please suggest whether I can avail tax benefits on the loan.
Rgds
Parin Chawda
you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner).
since you are not a owner or co owner of your house you cannot avail tax benefit.
| Originally posted by : Saurabh806 | ||
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you can claim income tax exemption if you are a co applicant in a housing loan as long as you are also the owner or co owner of the property in question. If you are only person repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). since you are not a owner or co owner of your house you cannot avail tax benefit. |
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Saurabh
Should the proportion of co-ownership be written in the loan/interest certificate. What if the payments are made from a joint bank account.
Regards,
CAclubindia
