Need A Financial Product › Forums › Tax Savings › Can a co-owner and co-applicant claim 100% tax benefit

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  • October 31, 2014 at 7:19 am #48202
    samkapoor77
    Keymaster

    I have borrowed home loan from HDFC Ltd for which my father is a co-applicant. At present he is bearing the full EMI on this loan by giving cheques from his own account. Being a co-owner of this property, my father has 50% right in it. Can a claim tax rebate on the interest and principal payments for the loan?

    November 4, 2014 at 9:58 am #48203
    samkapoor77
    Keymaster

    As your father is a co-owner of the property and has a right of 50%, he can claim a tax rebate on the EMIs for 50% only. It is immaterial here whether he is paying 100% EMI or not.

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