Wife avails tax benefit on husband property

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

Babu

Babu (Querist)
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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)
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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.

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