One of my employee has taken housing loan as co-applicant with wife and paying interest and principal fully from his salary since his wife is housewife and had no income. Property is held only in the name of wife.whether husband can claim deduction of interest and principal from his income?
Somebody was telling that since the husband is paying total amount, the wife's income will be clubbed with husband income here and so he can claim interest and principal as deduction.
Pls guide.
Dear Sir
Interest paid on house loan will be allowed to owner of the house property (Wife) and cant be given to husband. The case you mentioned will not come under clubbing of income. I suggest you to take more replies here as may be you get some other ways to deal with it.
Regards
If the payment is made by husband out of his income how come deduction is allowable to the wife though the property is wife's name. I am not sure though.
Regards,
Dear sir
I think houseing loan Interest claim husband becuse his paid own salary, loan have coapplicat its deem income. wating for right ans.
thanks
ramanuj
O P Bagla & Co LLP
New Delhi
CA Inter
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