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Income tax exemption u/s 80 c and sec 24 for joint home loan

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Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2015 Sir,

We have purchased a house jointly and availed home loan jointly. The first person of the deed is myself and second person is my husband. No percentage of ownership is mentioned in deed. Even though the home loan is taken jointly I am paying the entire EMI from my account.

1. Can I claim income tax exemption for the entire EMI (Interest and principle)?

2. My husband is not claiming any deduction. What proof or certificate he should provide?

Please advice.
Thanking you

Amol S Joglekar

Amol S Joglekar (Expert)

11 February 2015 In the absence of any mention of any % ownership, it is most likely to be assumed that the first named person is regarded as the OWNER of house property for the purposes of Income tax computation. Who bears the EMI is not CONCLUSIVE test as to the ownership of the house property.
Obviously, you need to decide, once and for all whether you have put the second name for family convenience or as joint owner.
The deduction shall be applicable accordingly.

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