Hi , i'am paying home loan on behalf of my father on which the loan was taken , the property is on the name of my father. every EMI is deducted from my salary a/c. my Q here is do i get the tax benifit for the home loan i'am paying on behalf of my father. since i can prove that the money deducted from my salary account is going to the SBI housing loan a/c. please clarify on this !
RE:home loans
by Raj Karambelkar on Apr 20, 2007 06:00 PM Permalink
Right As Vaibhav said you will not be able to claim the benefit as the property is owned by your Dad. The way around this is to get the property transfered to yourself. Or the other option is that you can show that you are paying the rent to your dad and claim the benefit on HRA. However the HRA benefit may not be equal to the Home loan benefit.
