Mr. X and his wife Mrs X bought a house in Dec 2007 in joint name amounting to Rs. 50 lakhs. Loan was availed for the same and it was recorded in the books of Mrs X. Payments for the loan EMI are also made from Mrs. X Account.
Queries:
1. Is it possible to transfer loan account from Mrs. X to Mr. X account in the year 2012. ?
2. If yes, can Mr X can claim deduction of interest and installment paid under Income from House Property and u/s 80C?
You have not mentioned if both of them are co-owners of the property. Only the person who is the owner of the house property can avail the deduction for interest & principal on home loan.
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
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