Home loan taken in wife name
This query is : Resolved
yogesh durgapal
(Querist)
09 January 2008
Wether home loan taken in the wife will be eligble for deduction for computing salary income of the assesse
09 January 2008
YOGESHJI,
HAPPY NEW YEAR.
IF THE PROPERTY IS IN JOINT NAMES OF HUSBAND AND WIFE , AND IF LOAN IS IN THE NAME OF BOTH ( FIRST NAME AND SECOND NAME IN LOAN DOCUMENTS DONT MATTER ) ,AND IF BOTH SHARE THE EMI PAYMENT ( ALSO DECLARING THE EMI SHARES TO THE LENDER OR A JOINT BANK ACCOUNT IS DEBITED),BOTH HUSBAND AND WIFE TOGETHER CAN CLAIM INCOME TAX DEDUCTION UPTO RS. 5 LAKHS
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO
HAPPY NEW YEAR.
IF THE PROPERTY IS IN JOINT NAMES OF HUSBAND AND WIFE , AND IF LOAN IS IN THE NAME OF BOTH ( FIRST NAME AND SECOND NAME IN LOAN DOCUMENTS DONT MATTER ) ,AND IF BOTH SHARE THE EMI PAYMENT ( ALSO DECLARING THE EMI SHARES TO THE LENDER OR A JOINT BANK ACCOUNT IS DEBITED),BOTH HUSBAND AND WIFE TOGETHER CAN CLAIM INCOME TAX DEDUCTION UPTO RS. 5 LAKHS
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO
K V Subba Rao
(Expert)
10 January 2008
Sri R V Rao's reply is correct. I also suggest you visit www.apnaloan.com in which answers to several FAQs on Home Loan are available
CA Manali Maniar
(Expert)
24 March 2017
but if Home is taken on wife's name and loan is taken on husband and wife both name then can husband take advantage of sec 80c and sec 24?
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