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Income tax benefit in case of flat completely in name of my

154 views 4 replies

Mayank Jain

19 Points Posted on 02 September 2017

Hi all,

I have a query.. I am planning to buy a new home.

And as per rules if home is bought in name of wife then we get a 1% benefit in stamp duty..

Then is it possible that I buy the complete home in name of my wife and pay the loan against it and claim the tax benefit.

Banks are okay to give the loan. But my issue is, will I get tax benefit in paying emi of a loan taken against a flat bought in my wife's name. ?

Please caanyone help me in this. ?

Thanks,

Mayank

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211758 Points Posted on 03 September 2017

If she is earning any income, she will be able to get benefits of deductions available for home loan. Because for its benefit assessee should be owner of the property and borrower of the home loan, simultaneously.

Mayank Jain

19 Points Posted on 04 September 2017

Sir, I have a added query on this.. I have taken a home in name of my wife (in which I am not a co-owner) but the emi are being paid completely by me (she is a primary applicant in the home loan while I am co-applicant) so in this case will I be able to claim the tax benefit under sec 24 and 80c. ?

Mihir Das

Student

22 Points Posted on 04 September 2017

Hey Mayank

The benefit whether by way of deduction u/s 80C (i.e, repayment of housing loan or deduction u/s 24(b) (i.e, for interest on housing loan taken) are available in case of