I am a govt. employee working in new delhi. I claim HRA rebate and I stay in a rented accomodation in delhi. I bought a flat in Kolkata in 34 lacs in February 2013. I took a loan of 27.7 lacs for the same property. I have already made a prepayment of around 6 lacs and the principal amount left against this home loan is around 20 lacs. The property and the loan is jointly shared by my father. Since february 2013, the newly baught flat is self occupied. I am paying the entire loan from my account, although in the loan document and the property document my fathers name is mentioned. My father is working and he pays his taxes. Can i claim the relaxation in taxes due to interest paid against this loan entirely ? My father is not claiming any relaxation in taxes on principal and loan interest. can you suggest some tax planning against this loan ?
CAclubindia
