Principle and interest on housing loan
This query is : Resolved
30 July 2017
Good evening sir,
I am little bit confused about interest on housing loan where property is not in the name of the assessee, but the repayment is made out of his account. Let me ask you with help of an example
Mr. A. has taken a housing loan in the name of his spouse. Whereas his spouse is the owner of the house property and Mr. A. is paying monthly EMI from his account and from his source since his spouse is a housewife.
Can Mr. A. claim interest and principle on housing loan in his return of income ?
If answer is no, then Mr. A claim the interest and principle after transferring the property in his name ?
I am little bit confused about interest on housing loan where property is not in the name of the assessee, but the repayment is made out of his account. Let me ask you with help of an example
Mr. A. has taken a housing loan in the name of his spouse. Whereas his spouse is the owner of the house property and Mr. A. is paying monthly EMI from his account and from his source since his spouse is a housewife.
Can Mr. A. claim interest and principle on housing loan in his return of income ?
If answer is no, then Mr. A claim the interest and principle after transferring the property in his name ?
Deepti Asawa
(Expert)
30 July 2017
No, Mr. A cannot claim interest and principle amount of housing loan
Studentsca
(Expert)
30 July 2017
Ownership of the property is necessary for claiming benefit for repayment of home loan principal and interest.
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