Interest on housing loan can be claimed by son if property registered on mother name

Tax planning 3213 views 1 replies

Hi CCA Members!

Greetings for the day!

With regards to above cited subject i would like to give following information:

1.Property was registrered on mother name

2.Loan taken from bank on son (salary employee) & Mother name (Jointly)

Query: Loan amount will paid by son and can he cliam deduction under house property? eventhough he is not legal owner. And kindly suggest any best alternative towards claim HP deduction.

Thanks in advance.

Replies (1)

A co-borrower must be the owner of the property to claim tax deduction benefit. Therefore, the son can't avail such benefit. Tax benefit can only be claimed according to the share in that property.

For better understanding please go through the article -

https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/


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