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Deduction for home loan interest among spouse

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This query is : Resolved

Nilesh Jain (Querist)
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23 October 2007 Case facts: Husband has prior home loan for home registered in his name in City B for which he is claiming interest loss. This is unoccupied. Now the second home loan is availed on husband's income for house in City A, but house is registered in name of wife though EMI will be deducted from Husband's salary account. Wife has salary income which has not been considered for availing loan. Who will get tax benefit? Will there be any difference if the account from which EMI is deducted is a joint account?

R.V.RAO

R.V.RAO (Expert)
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23 October 2007 IF PROPERTY IS REGISTERED IN JOINT NAMES AND IF EMI IS PAID BY BOTH HUSBAND AND WIFE AND IF LOAN IS IN JOINT NAMES,AND IF A DECLARATION IS GIVEN TO THAT EFFECT ,EACH OF THEM CAN CLAIM A MAXIMUM OF RS.2. 5 LAKHS PER ANNUM BENEFIT UNDER SEC 80 AND SEC 24 OF INCOME TAX ACT.
OTHERWISE THE REGISTERED PROPERTY OWNER ONLY CAN CLAIM BENEFIT UNDER IT UNDER SEC 80 AND SEC. 24.
R.V.RAO

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