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Tax implication being a coborrower at one property and landlord at another property

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RAVI BHUSHAN SAHAY

21 Points Posted on 06 March 2024

I have purchased a property in mumbai in which my mother is co-owner as well as co borrower.I am paying the full EMI from my bank account so i am taking the home loan interest benefit.

Now i am working in bihar where mother has a property solely on his name can I take HRA benefit by paying rent to my mother.

Inshort can I take income tax rebate under section 24 in which my mother is co borrower and at the same time pay rent to my mother at another property

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Quick Summary

This discussion explores the tax implications of being a co-borrower on one property while also being a landlord to your mother at another. The user is paying the full EMI for the co-borrowed property and claiming home loan interest benefits. They want to know if they can also claim HRA benefits by paying rent to their mother for her property, even though she is a co-borrower on their home loan. The core question is whether these two tax benefits can be claimed simultaneously.