A home loan has been taken jointly by mother and son like A & B. ‘A’, mother is the owner of the property but she does not have any income, hence the banker has taken ‘B’ son, as co-borrower , who is making repayment of the home loan from his income. Can ‘B’ claim Income Tax deduction for Principle and Interest paid on the home loan. In this case son is not co-owner of the property.
Yes, son can claim income tax exemption if son is a co applicant in a housing loan as long as son is also the owner or co owner of the property in question. If the son is only person repaying the loan, son can claim the entire tax benefit for himself (provided son is the owner or co-owner). son should enter into a simple agreement with the other borrowers stating that son will be repaying the entire loan. If son is paying part of the EMI, son will get tax benefits in the proportion to share in the loan.
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