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Claim Deduction u/s section 24(b) and 80c both on same home loan

13 July 2023

I had bought a house which is in my wife's name but the loan was taken in my own name and only I am paying the EMI of that loan to bank.. Can I claim the deduction u/s 24(b) for interest amount and u/s 80C for principal amount ?

Note:

1. House registered only with my wife name.

2. In Bank loan account, my wife is co-applicant

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14 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 13 July 2023

No. You can not claim interest deduction.

Kuldeep Singh (179 Points)
Replied 13 July 2023

My wife is a salaried person so can she claim section 24(b) and 80c on home loan from her department ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 13 July 2023

Yes, wife can claim it, but get bank certificate in her favor, i,e, as payment received from your wife.

Kuldeep Singh (179 Points)
Replied 13 July 2023

Sir how can bank show that payment is being done by wife while emi is being deposited by me alone..

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 14 July 2023

If you can manage that by any means, then only she can claim the exemption. How can she claim the exemption when she has not paid the EMI?

Kuldeep Singh (179 Points)
Replied 14 July 2023

I had shown section 24(b) in the employer's tax sheet in the month of January 2023, for this I had also submitted the interest certificate of the bank in my name only and I also filled the ITR online in July 2023, in which I have also shown section 24( b).

But no objection has come from anywhere ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 14 July 2023

Do you mean your action is LEGAL?

Kuldeep Singh (179 Points)
Replied 14 July 2023

Sir, your answer is absolutely correct, there is no doubt about it, I said only because no objection has come from the office and income tax department so far.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 14 July 2023

Every day I see many breaking traffic rules, but hardly 20/25% get challans!!!

Irony is those who get escaped fill they are correct!!!

Kuldeep Singh (179 Points)
Replied 23 July 2023

Originally posted by : Dhirajlal Rambhia
	No. You can not claim interest deduction.

In my current scenario, I can not claim interest part under section 24(B) but can i claim principal part under section 80C ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 24 July 2023

Loan is in the name of husband, EMI is paid by husband; Bank receipts are in the name of husband; there is nowhere wife involved, still she wants to claim deductions!! Horrible!!!

Kuldeep Singh (179 Points)
Replied 24 July 2023

Originally posted by : Dhirajlal Rambhia

Loan is in the name of husband, EMI is paid by husband; Bank receipts are in the name of husband; there is nowhere wife involved, still she wants to claim deductions!! Horrible!!!

According to you in my scenario, Husband also cannot claim section 24(b) and section 80c, wife also cannot claim then how to claim then you give some suggestions.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 24 July 2023

Make husband co-owner of the house property &/or make wife co-borrower of the loan......

In case both are co-owner along with co-borrower of loan both can claim these benefits.

Musrath Shaik (175 Points)
Replied 24 July 2023

In many countries, tax laws allow individuals to claim tax deductions on home loan repayments, even if the property is registered in someone else's name. Here are some points to consider:

Tax Deduction u/s 24(b) for Interest Amount: In some countries, tax laws allow the person who is repaying the home loan (you, in this case) to claim a deduction on the interest paid on the loan, even if the property is registered in someone else's name (your wife's name). The deduction is usually subject to certain conditions and limits as specified in the tax laws.
Tax Deduction u/s 80C for Principal Amount: Similarly, in some countries, tax laws may allow the individual repaying the home loan to claim a deduction under section 80C for the principal amount repaid. This deduction is also subject to specific conditions and limits defined in the tax laws.

For further more detailed information on this topic visit: Section 80GGC of Income Tax Act

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