Housing loan interest u/s.24

Tax planning 477 views 23 replies

Property in the name of Mr.X and Housing Loan Interest Paid by Mr.X. 

my Quety is, Can Mrs. X Claim that housing loan in her Form-16.

both are living together, not Separated. Both are Govt. Salaried Employees. Their Individual Total Income Rs.16 Lakhs(approx).

Replies (23)

No, Mrs. X cannot claim interest on housing loan in Form-16, since property is solely in name of Mr X and he is paying the interest on such loan.

thanks sir, Suppose Property in the name of Mrs.X but Interest paid my Mr.X

yes you can claim provided Mrs X reimbursed the emi to Mr X and procured interest certificate from Mr X. however Mrs X can't claim deduction for principal since loan is not taken from any financial institution.

thanks sir

and if suppose Mr. X is the owner of property and EMI of housing loan is paid by his son solely where both of them are co applicant for such loan. Now who will claim interest and principal benefits in their ITR
Mr X will be eligible as he is the owner of the property. he should reimburse to his son his half share of emi and claim deduction of interest and principal
Can his son get any benefit?
no because he is not the owner of the property. get the property registered in his name also so that he can also claim the benefits of home loan
ok sir so in this situation only Mr. X (father) get all the benefits of 24 and 80c
yes that's correct
X and Y are husband n wife are co-owners of the house and co-applicants of home loan. Wife Y pays EMI from her own account solely. Is wife eligible for benefits toward interest n principal repayment fully i.e 100% benefit ?
the person whose income is on higher side can claim the entire home loan benefits.
but the other person who still has taxable income shud also avail the home loan benefits to reduce his tax burden.
this can be done through a mutual understanding between both of them and a formal written agreement can be drawn
Sir, If house is registered with wife name solely and loan taken by husband name and emi paid by husband then it is possible to get interest deduction. Wife is non earning and hose purchase by husband in the name of wife.
no not possible.unless you are the owner of house property you can't get home loan benefits.
get the property registered in your name as first owner. after that you can claim home loan benefits


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