Deduction u/s 24(b) and rebate under section 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 June 2014 My brother took home loan and acquired a house. But he got the house registered in his wife's name. She is a home-maker and she has no earnings. My brother is repaying the loan & the interest thereon to the banker(lender). Can he claim deduction u/s 24(b) for interest part and rebate for principal part u/s 80c.

If not, then what option does he have to avail the same?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 June 2014 yes but he must prove when demanded that he has made payment to lender both principle and int.

Amol S Joglekar

Amol S Joglekar (Expert)
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07 June 2014 since bank has given loan, please check the borrower agreement....it is highly likely that your brother is a co borrower as well as joint owner.And if that is not the case, ask your brother to amend the document registering his wife's name as the sole owner.

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