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FAQ: How to get tax exemptions on EMIs? - Property Hotline
Posted
June 2, 2016
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6
June 2, 2016
6
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1:23Now PlayingExpert: Vinay Singh, Legal & Tax Expert
Q: My son has taken a loan and bought a flat in Bengaluru. I'm paying the EMIs on his behalf. The property is in my son's name. Can I get tax exemption on EMIs that I pay?
Answer: The first condition for claiming any tax deduction is that it must be paid from your taxable income for that year. Secondly the claimant must be the owner of the property. Here, the owner is your son and he alone can claim deductions under section 24 and 80 C for interest and loan repayments respectively provided the payments are made from his taxable income. So you cannot claim either of the two deductions for the EMIs.
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