Dedcution under section 24
This query is : Resolved
11 May 2017
dear experts
my client and his wife had earlier purchase house jointly and same is funded by home loan in this house benefit of interest deduction u/s 24 and 80c for principal taken wholy by my client(husband) as selfocupied. now they are again planing to buy house jointly and get funded by home loan . now wife can get benefit interest and repayment fully as selfocupied? irrrecpective of she has joint holding in house earlier purchase but not shown as selfocupied.
my client and his wife had earlier purchase house jointly and same is funded by home loan in this house benefit of interest deduction u/s 24 and 80c for principal taken wholy by my client(husband) as selfocupied. now they are again planing to buy house jointly and get funded by home loan . now wife can get benefit interest and repayment fully as selfocupied? irrrecpective of she has joint holding in house earlier purchase but not shown as selfocupied.
11 May 2017
To claim interest wife must be co-owner in property & co-borrower in loan, also she must pay EMI from her Bank account to claim benefit.
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