Max Payne (Manager) 11 May 2012
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.
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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