HRA Benefit - Interest deduction

[ASHISH DESAI]

I intend to stay in a flat that I jointly own with my mother. My parents stay in a house owned by my father in Ahmedabad. I have taken a Rs 20-lakh Vaibhav Sankla, Executive Director, Adroit loan from my father to purchase the flat. If I pay rent (50% of market rent) to my mother, can I claim tax benefit on HRA? Can I also claim interest deduction till Rs 1.5 lakh?

AI Summary

Exploring Tax Benefits: Can Joint Flat Owners Claim HRA by Paying Rent to Mother? Interest Deduction Query Raised. An individual inquired about tax benefits related to a flat jointly owned with their mother while their parents reside in a separate property owned by the father. They have taken a loan from their father to purchase the flat and are considering paying rent to their mother to claim a House Rent Allowance (HRA) tax benefit. Additionally, they seek to know if they can claim an interest deduction up to Rs 1.5 lakh. A chartered accountant requested more details about the nature of the loan to provide a comprehensive response.