GST Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

DHEERAJ (STUDENT)     10 May 2021

Home loan interest & principle deduction.

A HUSBAND AND WIFE PURCHASED A HOME BY TAKING HOME LOAN. REGISTRY OF HOME IS IN THE NAME OF WIFE AND LOAN WAS TAKEN JOINTLY. PAYMENT OF HOME LOAN IS MADE THROUGH HUSBAND'S ACCOUNT

MY QUERY IS WHO CAN CLAIM DEDUCTION U/S 80 C & U/S 24(2)B . ALSO TELL ME WHERE TO SHOW HOUSE PURCHASED AND HOME LOAN TAKEN WHETHER IN HUSBAND ACCOUNT OR WIFE ACCOUNT. 



 6 Replies

Chirag

Chirag (Professional)     11 May 2021

If they are co borrower ,then registration should be of joint name which is not in this case ,so only wife can take benefit of Principal ,Interest...also loan account will also be in the name of Wife and not Husband & Wife ,(Husband may be Guarantor),which account is funding will not have any relevancy...
Lotus Choudhary

Lotus Choudhary   11 May 2021

Agree with chirag. as regn is in the name of wife only wife can claim deduction.
DHEERAJ

DHEERAJ (STUDENT)     11 May 2021

Ok then how to show emi payment because emi is deducted from husband's account? 

Chirag

Chirag (Professional)     11 May 2021

Which account is linked for emi payment is not important, but, as per me, it's not happen that wife is a borrower and husband account is debited for EMIs, it may that they are co-borrower for loan purpose only (generally Banks/HFCs insisted for co-ownership also )... However , for taxation benefits under sec. 80 & 24(b) it's purely on ownership basis....If both hold joint ownership as per SRO records, then generally everything divided equally and both can take benefit U/S 80C , (80EE/80EEA ,if eligible ), 24(b)...
DHEERAJ

DHEERAJ (STUDENT)     11 May 2021

Ok, please tell me that how to show emi deduction and principal repayment in wife account ?

veerendar singh

veerendar singh (tax consultant)     11 May 2021

Dheeraj you have think as if the all emi were paid by the wife and wife is legitimately claiming deductions u/s 80c and 24

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »





Subscribe to the latest topics :
Search Forum:

Trending Tags