One of my client purchased a flat in his wife name.Loan sanctioned in wife name.Instalment Paid by husband & wife. Can husband claim deduction of housing loan interest from his income?
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Deduction housing loan interest
Replies (5)
Dear Suman,
Only the name in which the loan has been granted can claim the deduction. Hence in this present case only wife can deduction in her Return of Income.
The assessee is neither co-owner of prroperty nor co-applicant of loan , hence he cannot claim deduction at all
what if the principal amt is paid by husband & int amt paid by wife ? ALSO loan is sanctioned in boh name , in such case who ll cliam deduction??? as per der sal certi both are allowed deduction......
Hence because the property was in the name of Wife, eventhough the husband is a co borrower and he is paying the installments he can't claim the interest. only his wife is eligible to claim the interest on the loan.
husband can claim deduction if he can be honoured as deemed owner of the property..read with clubbing section
also if he is getting direct and indirect benifit from same he can claim expeses
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