Deduction of interest on joint housing loan

Since the repayment of loan is made by both , the wife will get deduction upto the amount of contribution which is made by her and not exceeding the limit specified in the Act. 

Moreover since the husband is not co owner of flat, he wil not get any deduction.

Agree with Ruchi.

A co-owner, who is not a co-borrower, is not entitled to tax benefits.

Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.

Disagree with Ruchi,

As the contribution is made by both i.e. husband and wife, husband is also a co-owner in the property even though the property is registered in wife's name only. Further, on the basis of declaration made by husband , wife can claim full deduction on account of Interest i.e. 2 lakh (FY 2015-16).

@ pooja

Making a contribution towards home loan or being a co borrower in home loan doesnt automatically makes the husband a co owner of the property. Any declaration is also of no relevance here then.

Yes you can say that since the husband is making contribution towards the repayment of loan of wife's property, the proportionate contribution shall be considered as gift from husband to wife and related consequences of clubbing etc follow, but the husband is still not a co owner of property.

@ Ruchi

Yes, I was wrong. Thanks for correcting me on this.