capital borrowed for home acquisition
This query is : Resolved
10 July 2010
Mr X want to take loan home loan but he want to register the home on his wife name in which their is no name of Mr X.
Repayment of loan is made by Mr X and bank is also ready to give him loan as mr X as main applicant and his wife as Co applicant.
Will Mr X will get dedcution of interest on capital borrowed even if house property is in name of his wife and not on his own?
Repayment of loan is made by Mr X and bank is also ready to give him loan as mr X as main applicant and his wife as Co applicant.
Will Mr X will get dedcution of interest on capital borrowed even if house property is in name of his wife and not on his own?
12 July 2010
Since the house is not registered in your name you are not eligible for deduction under section 24 & 80C of the Income Tax act.
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