Housing loan interest deduction

  Deduction u/s 24(B)  and 80C will be available to you ( out of salary income or business income),  as said bank /FI has given it to you ,

 whether that HOME is in the name of wife or husband(you) is immaterial for the same

Not agree with above view...

A co-owner, who is not a co-borrower, is not entitled to tax benefits.

Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.

Thanks sir.  Is there any way by which the husband can claim the said deduction?

Since you have taken a housing loan on your name u are allowed to get deduction of interest on same loan in your ITR

 

hi, one of our employee taken housing loan in the name of his wife. weather he can avail housing loan deduction (u/s 24 and 80 ) benefit in his ITR??

OK.  Thanks everyone.  I have already claimed the refund in the itr. Let's see..

Hardat..

For claiming exemption U/s 24(b), ownership of the property is mandatory. But we have some caselaws which are suggesting that registration of the property in the name of spouse cannot be considered as ownership.

So if you wanted to claim the exemption, then please provide a declaration that your spouse didn't claim the benefit. In that case, you can claim the entire benefit of exemption.

A jointly name account of loan should be open, in such case as per Mr. vishal u should be also co-owner os the asset, which means u should be shared the ownership of such asset.

further, if home is in ur wife's name then such name should also be listed in such loan liablity as Co-borrower(or say joint borrower).

As because when default to pay loan , ur wife should be no responsible for such default on repayment (if she are not the co-borrower).

and if she are co-borrower the default in repayment leads to possession of ur house to ur lender banker.

-Above explaination was in my lanuage ,if u want clarity pls read releated provision of releated ACT.

regards