if assesse hold property by single owner , he taken a house loan from bank for construction house, the construction complete within one year. but the loan sanction on his wife name & credited to her account.
the query is that how claim this int. on hsg loan ? , can he claim u/s 24 & 80c ?
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House loans claims
Replies (5)
Whether he is joint applicant in the loan?
yes , he is joint applicant in the house loan sanction letter.
Yes, he can claim home loan interest deduction u/s. 24(b), and principal deduction u/s. 80C of IT act; subject to prescribed limits. Advisable to get EMI payment receipt from banker in his name.
thank you so much 😊
Claim Interest portion upto Rs. 2,00,000 ( if self occupied ) u/s 24(b) of the Income Tax Act 1961 and Claim Deduction u/s 80C of the Income Tax Act 1961 for repayment of Principal and Stamp Duty amount.
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