Wife avails tax benefit on husband property

Save Share

This query is : Resolved

Quick Summary

A husband purchased a home and took out a loan, with his wife as a co-borrower. The wife paid the EMIs from her account and is asking if she can claim tax benefits. Experts advise that to claim income tax deductions on a home loan, the wife must also be a co-owner of the property, not just a co-borrower.

Babu

Babu (Querist)

11 July 2022 Dear Team, Home purchased in my name ( Husband ) , home loan taken , my wife also co-borrower , loan EMI paid from my wife bank account ,
can my wife avail tax benefit on this ??

CA Puja Sharma

CA Puja Sharma (Expert)

11 July 2022 Your must should also be the co-owner of the property to avail of Income Tax deduction.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 July 2022 No. She cannot avail the deduction u/s. 24(b) of IT act.

Babu

Babu (Querist)

11 July 2022 Then what is the solution??
How my wife will get tax benefit,
What we need to do now??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

12 July 2022 As suggested by expert, wife should have been owner/co-owner of the property, as well as co-borrower of the loan to avail the home loan benefit.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now