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House loan interest deduction

This query is : Resolved 

I've taken a loan jointly with my wife to buy a house property. Basically the loan is sanctioned on my salary and repaying capacity only. EMI is Rs. 19,000/- Whereas my wife salary is Rs.13500/- only
I've registered the house property in my wife's name only.
In this circumstance whether i can claim Interest on salary u/s 24 and deduction u/s 80C for the principal portion paid from my salary income
Please clarrify

Thanks & Regards
R.Devadass


The tax rebates can be claimed only by the owner of the house property. Since your wife is the registered owner only she is entitled to the tax rebates.

As a measure of tax planning, you could have registered the property in joint names through proper consultations.

Yes your wife can claim the rebate, since she is owner

loan is sanction u & repaid by u hence interest will be claimed u also

Even for registration in joint names you can mention percentages of share so that you can claim the lion's share as deduction for Eg: 60:40 or 70:30

Deduction cannot be claimed by you.

i agree with Mr. Gopal

The interest can be calimed by a person who is the beneficailly owning the hosue and who is infact taking up the burdan of payment on interest and the principle amount. In my opinion in your case you can claim the interest as well as the pricipal amount in full. However, you may have to prove giving clear cut evidense that the entire payment is from your account.

yes only your wife can claim exemption

Me too agree with Gopal ji

Me too agree with Gopal ji

Deduction can only be taken by the Owner of the House Property


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