27 December 2014
First, decide who desires to claim the deductions ? . If husband has purchased the property in the name of his wife by paying the entire amount from his account/loan in his name, the income arising from such property is taxable in the hands of the husband under the head Income from House Property ( Section 64(1)(iv)). So, it can be said that he can claim interest as well as deduction U/s 80C. . If wife has paid certain amount towards purchasing the house and husband has helped her in arranging the finance, then she can show the loan amount as her liability by crediting his husband's account. In such a case she can claim Interest U/s 24(b) only. .
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