Tax exemption

Velenscia (Querist) 03 May 2012 This query is : Resolved
Hello,

I'm planning to buy an apartment and get it registered on my Dad & Mom's name but I will be taking the home loan and paying the EMI. Is it necessary that the apartment has to be in my name in order to claim a tax exemption?

Rgds,
Lavanya

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A V Vishal (Expert) 03 May 2012
Yes you have to be the owner to claim tax benefit.

Raj Kumar Makkad (Expert) 03 May 2012
You can get exemption only if the property is registered in your sole name.

Velenscia (Querist) 03 May 2012
Thank you very much.

How about including all our 3 names as co-owners, i.e., dad, mom and my name? Will i be able to claim a tax benefit then?

Suhail A.Siddiqui (Expert) 03 May 2012
for safer side u must have first name then co owners name, and you cane get I.T.exemption. In your first situation Bank will not give you loon since property is not your name.

Raj Kumar Makkad (Expert) 03 May 2012
If you duly prove that you have made arrangement of the entire loan are accordingly re-paying it exclusively then you being first owner with your parents, can claim IT exemption.

ashutosh mishra (Expert) 03 May 2012
Yes Sir!
It is necessary that the apartment has to be in your name in order to claim income tax ta exemption.

Shonee Kapoor (Expert) 06 May 2012
You can not claim benefits in Income tax unless you own the house.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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