interest on housing loan

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This query is : Resolved

s.jegan (Querist)

15 November 2010 dear friends gud evng

i have a doubt regarding interest on housing loan

A land is inthe name of spouse but the loan
taken in the name of husband he is a govt employee but the spouse not to do any business no income at all

will he claim the interest on housing loan to his return of income pls

venkatraman shrinivas

venkatraman shrinivas (Expert)

16 November 2010 If he husband has invested the money out of his own borrowings to build the property the income of which is either considered as income from House Property or remains self occupied, he is entitled to claim the interest under section 24 of the Act.The Act says that it is the owner of the property who is entitled to claim. One can claim that without the land the superstructure cannot come into existence.At the same time, the house gets completed only by virtue of the investment made by the husband who is accountable for ills and well of the property.In this back ground, he can claim the interest on borrowed capital deployed in the construction of the property.

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