Home loan income tax deductions
This query is : Resolved
11 November 2022
If the husband and wife are borrower and co borrower of home loan . The home loan amortization schedule has the name of husband as borrower. The EMI of home loan is being paid from husband account but the property is only in the name of wife.Can husband avail all the income tax deductions related to home loan? The wife is not claiming any deduction related to home loan .
CA R SEETHARAMAN
(Expert)
11 November 2022
In the present case as per law the owner of the property can claim the benefit of interest and principle of Housing loan taken. In your case you cannot claim the same. You can have a gift deed or your name included in the property to avail the same with permission from the Bank from which you took loan.
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