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Tax benefit query

Tax queries 506 views 3 replies

Can I get home loan and claim tax benefit if I repay the loan for a property, which is in my mother's name?

Pls guide me

Replies (3)

No

to cliam Tax Benefit by you

There are 2 basic conditions

1. House property should be in your name

2. Loan should also be in your name

Hi Yashaswini
If you paid the money to purchase the house property and taken home loan in own name. and there mother name is used only for registration name, then definetaly you can claim the all tax benefit regarding home loan.
 

One charitable Trust has given loan to another charitable trust where common trustees are there and considered as Application u/s 11.

The recipient trust has not finalised their account from last 7 years as there are some dispute among trustees and Auditors has also raised objection. 

The query is that can IT dept cancel 12A of recipient trust and if so then what would be implication on the another trust who has given the loan and claimed as application.

Thanks

 


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