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Max Payne (Manager)     11 May 2012

Interest on housing loan

Dear Legal advisors,

I'm planning to take a housing loan. Property is in my mothers name and hence I will be the only applicant to the loan. Will I get a tax exemption? I approached SBI who said the property should be in my name if I need to claim tax exemption.

Else my mother must gift deed the property. Please guide me how to go ahead.



Learning

 2 Replies

adv. rajeev ( rajoo ) (practicing advocate)     11 May 2012

Yes.  It is right.  To claim the exemption property should be in your name.

Max Payne (Manager)     11 May 2012

thank you Mr. Rajeev.. Quick question,.. On the contrary Citibank also approached me offering a home loan saying even if the property is not in my name, it is fine... I can get tax exemption. My mother will be a co-applicant to the loan.. My mother and I can split the claim on tax exemption. Kindly elighten me what is correct.


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