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house loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 May 2011 if Assessee taken the house loan in his wife's name, then can he get deduction of interest and principal paid by him in following cases-
1. house is in the name of his wife
2. house is in joint name
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
27 May 2011 THE DEDUCTION UNDER SECTION 24 IS AVAILABLE ONLY IF THE MONEY HAS BEEN BORROWED FOR ACQUISITION , CONSTRUCTION ETC OF THE HOUSE
THEREFORE THE OWNERSHIP OF HOUSE BY ASSESEEE CLAIMING DED IS A MUST FURTHER MONEY MUST BE BORROWED BY THE ASSESSEE
1. NO DEDUCTION
2. HE CAN BORROW MONEY FROM WIFE PAY INEREST TO HER AND CALIM DEDUCTION

CA MANOJ GUPTA
JODHPUR
09828510543
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