Interest u/s 24 b

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Priyesh Jobanputra (Querist)
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01 July 2013 whether co applicant for housing loan ( not an owner) can claim deduction under sec 24b?

Eg. A is owner of a plot he wants to construct a house. He makes his spouse as a co applicant( not being an co-owner) for the loan. she is earning salary from somewhere and also filing returns.
Whether both A and his spouse can claim deductions separately?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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01 July 2013 If she is only made co applicant for guarantee of loan (in most case bank ask for co-applicant as substitute of guarantor) payment and does not own land and building then she will not be eligible for claiming interest under 24B.

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Priyesh Jobanputra

Priyesh Jobanputra (Querist)
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03 July 2013 Sir what in the case if he wants his wife eligible to claim this deduction. gift deed or anything else?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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03 July 2013 If your payment track is good, then why do you not apply for take over of loan by other bank.

It is beneficial it may helps you to reduce interest on loan and there is no foreclosure charges.

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