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Query for housing loan tax benefits

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deepak

21 Points Posted on 12 May 2015

Dear Sir/MAdam,

My Sister who is a Student and Dependent on me allotted a Flat in recent DDA housing Draw 2014.

As She has no income , therfore Registration money was paid by me and we have taken a housing loan forn govt bank in which my sister is a first applicant and i am a second applicant.

The loan account is opened in her name aand I am paying the EMI by Transfering the money to her Saving account.

Now my Query is how I will take income tax rebate/benifit on housing loan principle and interest as i am not a co-owner of the property and there in no joint loan account.

Replies (1)

Yogesh Goel

Chartered Accountant

168 Points Posted on 12 May 2015

Please refer:

https://www.succinctfp.com/index.php/home-loan-deductions-if-you-are-not-the-owner-or-loan-taken-from-friends-relatives/

One thing you can do is, (If DDA allows, i dont know much of their rules) you can get filed a reliquishment deed from you sister entitling you the ownership of property. then you will be the owner of property and can easily get benefit of loan repayment and also inerest.