Last year I constructed a house (land is on my wife's name) by taking joint homeloan for which only I am paying emi. Construction was completed 6 months ago. Now, in the next month I am going to sell my other house which was constructed 15 years ago. So, is it allowed to adjust LTCG against home loan cited above?
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Adjustment of Long term capital gains on property sale
Replies (2)
To claim the tax benefits for a home loan, you must be a joint owner in the property and the loan should have taken jointly.
In your case, you are not a joint owner of the property.
If your wife had paid the loan, she would have been able to take advantage of it besides the other property also belongs to her.
In your case, you are not a joint owner of the property.
If your wife had paid the loan, she would have been able to take advantage of it besides the other property also belongs to her.
Thank you very much sir. To be eligible, Is it permitted to add myself as joint owner for the property now? Home loan is taken jointly with my wife.
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