HOUSING LOAN INTEREST ELIGIBILITY

Others 369 views 6 replies

Suvendu Biswal

46 Points Posted on 21 April 2021

- Mr. A is a salary employee and his wife is house wife. And Mr A bought a house in the name of his wife and made a housing loan.

loan EMI is paid by Mr.A

whether Mr.A can eligible to get deduction for intrest and principal paid by him?

Please answer with appropriate Sec and provision.

Replies (6)

yasaswi gomes

My grammar is 💯 good I

7301 Points Posted on 21 April 2021

you both can claim a deduction of up to Rs. 2 lakh for the interest you repay on your home loan. In case the home is solely in your wife's name and she is afirst-time homebuyer, then under Section 80EEE she can claim an additional Rs. 50,000 forthe principal she repays on the housing loan.

Suvendu Biswal

46 Points Posted on 21 April 2021

House bought in the name of Wife.

loan in the name of husband.

whether husband can claim deduction ?

and if house in the name of wife and loan also name of wife. but Emi paid by husband . in this case what would be the provision ?

yasaswi gomes

My grammar is 💯 good I

7301 Points Posted on 21 April 2021

Yes you can. Section 80c

https://cleartax.in/s/home-loan-tax-benefit

CA ABHAY GUPTA

Practice

3235 Points Posted on 21 April 2021

I think the property must be in both the name other wise bank cannot do loan in name of husband in case the property is in name of wife only. Joint ownership levy here and husband can claim deduction under section 24 and 80C

CMA Poornima Madhava

CMA

13117 Points Posted on 21 April 2021

Originally posted by : Suvendu Biswal
	- Mr. A is a salary employee and his wife is house wife. And Mr A bought a house in the name of his wife and made a housing loan.loan EMI is paid by Mr.Awhether Mr.A can eligible to get deduction for intrest and principal paid by him?Please answer with appropriate Sec and provision.

If A is a co-owner, then only A will also be able to claim available deductions. Moreover, as already pointed our by Abhay, banks usually sanction loan to a borrower who is also the owner of the property.