Tax rebate on Home Loan

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  1. MahendraYadav

    MahendraYadav New Member

    A retired govt servant buys a ready built home with entire funds received from sale of a plot and further augmented by a Home Loan from HDFC Ltd, by his son and daughter in law. The Govt servant and his wife are co-applicants for the Home Loan. All four are co-owners of the property. All four have separate incomes.

    What are the Tax benefits available to each owner of the property if it is occupied by parents only as the children are working and living in a rented accommodation in a different city.
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    You have to pay capital gains for the sale of plot.
    Deduction on Housing loan and interest can be claimed by all co-owners in their proportion.

    Chandrashekar
    http://incometaxdoubts.wordpress.com
     
    MahendraYadav likes this.
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