TaxTMI 
TaxTMI 
TaxTMI 
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?
HRA Benefit - Interest deduction
ASHISH DESAI
HRA claim for rent paid to a co owner parent questioned; eligibility and interest deduction depend on loan nature. The taxpayer lives in a flat jointly owned with her mother, financed by a loan from her father, and proposes to pay her mother fifty percent of market rent. She asks whether she can claim HRA for rent paid to a co owner parent and whether she can claim an interest deduction in respect of the loan. The adviser requested complete details on the nature of the loan and offered no substantive determination in the record. (AI Summary)