HRA claim related query
4 months ago
I am purchasing a property in Delhi in my mother's name. But since she is a housewife with no source of income, I will be her co-borrower in the home loan that we will be borrowing from a bank.
1) Now, given that I will be a home loan co-borrower for the flat that will be solely in my mother's name, will I be able to claim HRA tax exemption by signing a Rent Agreement with my mother for the same flat?
2) Also, because the home loan EMIs will be deducted from my bank account not from my mother's, will she still be able to claim tax benefit for the ₹2,00,000/- interest payment since the flat will be in her name?
A.Dear Client
Since both of you are going to be the co-borrowers hence the property will be in the name of both the persons and
1. You cannot have rental agreement arrangement with your own property
2. Both of you will be able to claim tax benefits
Since both of you are going to be the co-borrowers hence the property will be in the name of both the persons and
1. You cannot have rental agreement arrangement with your own property
2. Both of you will be able to claim tax benefits
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