Want to take housing loan.

Q: I am staying in ground floor and for that I am paying rent to my mother. The house is in my mother's name for which she is not claiming any tax benefit. I have taking a housing loan for building the first floor of the house. My question is am I eligible for home rent allowance from my salary and also the benefit under Section 24 (b) for the interest I am paying towards the housing loan availed by me?

Vikas Modi, Ahmedabad

26th December 2011

Home Loan in Ahmedabad

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You can claim for home rent allowance from the salary on the rent that you are paying to your mother. Do not give any break in paying th rent, pay the rent in regular basis every month just if it were a non-relative landlord. Moreover your mother have to include the rent in the income tax returns. There will not be any tax deduction on the repayment made on the home loan as the property does not belong to you.

Chandan Thanki, Ahmedabad

26th December 2011

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Shane Markinson,

1st January 2011

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