income from house property

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CA Sanjay Baheti (Querist)
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10 August 2010 Dear all Members, If husband acquire house property in the name of wife and take housing loan in the name of wife. Repayment of loan is made by husband from his bank account. Question is weather husband claim deduction of interest on repayment of housing laon u/s 24 and principal repayment under sec. 80 C from his income as wife is not filing income tax return as she is house wife.? pls advise.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 August 2010 No. For claiming Housing interest, Assessee should be a owner of house property and having loan also his name,

If Property and Loan both joint name, such case both persons can claim the interestt

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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10 August 2010 Ownership of property is the one basic condition for these income tax exemptions.

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