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Home Registration Related

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pranjit dutta

7 Points Posted on 24 November 2021

I am planning to purchase my first property ( flat) in Ahmedabad. My wife is house wife and hence I will be paying all the EMis for the Flat. However I wanted to register the flat in my wife 's name, which will give me a waiver off of the Registration Charges (1% of the Sales deed).

However if I register the flat in my wife's name, will I be able to avail Income tax exemtions on the home loan to be paid?

Please let me know.

Replies (2)

Quick Summary

A user is planning to buy their first flat in Ahmedabad and wants to register it in their wife's name to waive registration charges. They are seeking clarification on whether they can still claim income tax exemptions on the home loan if they are not the registered owner. The advice given is that to claim deductions on home loan interest and principal, the individual must be the owner or co-owner of the property.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212424 Points Posted on 24 November 2021

Don't try to save that one percent, because getting loan without ownership will not be possible. Moreover for deduction of home loan interest and principal, the assessee needs to be owner or co-owner of the property.