Housing loan tax benifits in joint name

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HARDEEP (Querist)
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22 February 2012 Hi
My wife is an owner of a house property in joint account with spouse of my brother. For that house we have taken housing loan from a bank (instalment Rs. 26000 pm) for which a joint housing loan account has been opened in name of myself, my wife and my brother's wife. First name is my name. In the same bank a joint saving bank account is also opened from which H/L instalments are routed. In saving account we are depositing cash, half of which is from me & my wife and other half is from my brother's wife.
(Loan is for new house construction)

1.How can we avail tax benifits under section 80C and claim interest benifit.
2. Can I claim deductions/tax benifits as I am not a owner in the property.

Please explain.
Thanks

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 February 2012 1.Since the house is under Joint ownership of your wife & your brother`s wife, so they only eligible to claim the principal & interest benefit based on ownership ratio. if no ownership ratio mentioned then 50-50 ratio they can take. paying thorough joint bank account and other arrangements will not change the deduction claiming eligibility.

2. since not owner of the property, you cannot claim the benefit of interest & principal

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