Self occupied house
Anoopkumar
(Querist) 28 February 2014
This query is : Resolved
Sir,
Myself and my mother are the only members of our household.I'm the only son.We're staying in a house owned by my mother.For constructing this house,my mother(having no income) has availed a home loan,for which i'm the guarantor.In the loan agreement ,i am co-borrower and co-applicant also.We have not let out any portion of this house.We have no income /benefit other than staying from this house.
Please reply whether this house is self occupied house for me under Income tax rules.
Regards,
Anoop
R.V.RAO
(Expert) 01 March 2014
your mother may have constructed the house,on the land in her name means,the house and all property bills,etc..in her name making her the defacto and dejure owner.you cannot claim it as self occupied for IT purpose.
you r only staying in your mother house.
coborrower or co applicant cannot get you self occupied status.
if in the land documents you are a owner,you would have become a coowner and self occupied.
Rajendra K Goyal
(Expert) 01 March 2014
Agree with the advise of expert RV RAO ji, you can not claim it as self occupied property for Income Tax benefits.
R.V.RAO
(Expert) 01 March 2014
thanks.srirajendra goyalji
T. Kalaiselvan, Advocate
(Expert) 02 March 2014
I agree with the views of Mr. Rao that since the property is not co-owned, you cannot acquire the self occupied status for the purpose of income tax.
R.V.RAO
(Expert) 04 March 2014
thanks.srikalaiselvanji.
