Housing Loan Deduction if property owned by spouse

you will not be eligible for deduction. The deduction is available only to the person who own the tile of property.

As per section 24(b) of income tax act 1961, there should be direct relationship between the borrower and lender of the loan. The loan should be taken for construction or purchase of residential housing unit. In your case your wife is legal owner of the property (residential unit). You are just a co-applicant in the loan. IN YOUR CASE YOU CAN'T TAKE DEDUCTION OF INTEREST PAID U/S 24(b) ALSO YOU CAN'T TAKE DEDUCTION OF PRINCIPLE REPAYMENT U/S 80C.

No deduction is permissible

deduction is not allowed,  It is allowed only when 1) the borrower, owner and the person who is repaying the loan is  same then only the deduction is allowed.

but deduction u/s 80GG or exemption U/s 10(13A) can be claimed. any  other opinion ?

my mother does not have any6 income being a housewife owns the house and the land on which the house is situated. I being a salried employee of 28 yrs of age woul like to apply for a housing loan as a co-applicant. Can I get income tax reliefs. If so under wat sections?

Originally posted by :Abhinay Rastogi
"	Hi, During the Financial Year 07-08, I have purchased a house in the name of my wife and taken a housing loan. My wife is a housewife and is not an income tax payee. The total EMI is paid by me. I am a co borrower in the housing loan. However I am not a co owner in the property. Is the benefit for housing loan principal and interest available to me? Are the clubbing provisions applicable only for incomes and not for deductions? Request an urgent rever pls. Rgds Abhinay Rastogi	"

 

no you can not take deduction u/s 24b and neither in 80c