HouseWife as co-borrower
This query is : Resolved
preet gandhi
(Querist)
21 April 2024
Hi,
I will be buying a new property, for which i will be taking a loan too, If i keep my wife as co-borrower of property but she won't pay, can i claim entire interest amount of home loan in return?
What should be chosen to get max exemption in such case?
I will be buying a new property, for which i will be taking a loan too, If i keep my wife as co-borrower of property but she won't pay, can i claim entire interest amount of home loan in return?
What should be chosen to get max exemption in such case?
Nikhil Kaushik
(Expert)
22 April 2024
yes. you can claim the intire deduction. however, my suggestion is to explore, in case your wife has taxable income, to pay part of the interest from her account too. This would give you better overall tax savings. Read this article for overall understanding of the deductions - https://cleartax.in/s/home-loan-tax-benefits
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