Hi,
I purchased a property in joint ownership with my mother and when have defined 50:50 share in the house. Now, the house is self occupied by me.
1. Can I pay rent to my mother so that she gets rental income for her share of the property?
2. While I pay rent to my mother will I be eligible to take HRA benefit?
3. Since I took loan for the flat will I also be eligible for loan interest payment deduction?
So basically, Will I get both HRA and interest payment tax deduction in this scenario?
PS: I saw multiple version of this query and answers so would appreciate reply with reference to sections. Thanks much!
CAclubindia
