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L
Lalith Kumar K
I paying a complete home loan EMI but property is in my father name and for the loan I am the main applicant and my father is co-applicant.
Can I show the amount paid as EMI for home loan under income tax Deduction section 24b as I am the main applicant and paying the emi but property is in my father name?
Conditions to Claim the Tax Benefit on the Property
#You must be a co-owner in the property.
#You must be a co-borrower for the loan.
#The construction of the property must be complete.
There have been situations where the property is owned by a parent, and the parent & child together take up a loan which is paid off only by the child. In such a case the child, who is not a co-owner is devoid of the tax benefits on the home loan.
Yes, you can take the tax benefit of the EMI paid against the loan. As per the standard practice. But as per law, you are not allowed to take the benfit.
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