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Claiming tax benefit on a joint home loan


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    Gourav Jha
    Background of my issue:-
    I am Gourav Jha, residing in Faridabad.
    I am about to finalize a HUDA land purchase in Faridabad and thinking to build a house on the same for self accommodation.
    I wanted that my mother should be the only owner of the house.
    I have applied for the home loan with a bank with me as applicant and my mother as co-applicant.
    All the EMIs will be paid by me as mother is a house wife.
    Some questions on which advise is needed:-

    1. Is this possible that my mother is the only owner, mother and me are applicants of loan, I will pay EMIs and only I want to claim deductions of interest and principal under income tax act???
    If this is not possible than shall I be the co owner in property to claim deductions under income tax act?
    2. Rules for interest are clear to me as to prior period interest can be claimed after completion of construction in 5 equated installments.
    I want to know about prior period principals which I will pay from the date of loan to completion of construction. Will that be allowed as deduction? if yes then when?
    3. Also needed clarity on after construction interest and principal about deduction.
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