Income Tax Query related to Home loan

A person wants to take a home loan for the purpose of purchasing a new house but the registry of the new house is made in the name of his wife. The question is, said person is eligible for the deduction under income from house property and deduction u/s 80.

Replies (4)
Quick Summary
This discussion addresses whether an individual can claim income tax deductions on a home loan if the property is registered in their wife's name. Generally, to be eligible for deductions under Section 24(b) and 80EEA, the individual must be the owner or co-owner of the property and the borrower. The property and loan must be in the name of the person claiming the deduction, as banks typically require the property to be in the applicant's name to grant a loan.

Yes interest on loan can be deducted under section 24(b) and also under section 80EEA
He should be the owner / co owner to avail the tax exemption
For claiming deduction,the property and loan should be in the name of the person who wants to claim deduction.He or she may be sole owner or co-owner...
Borrower and property owner have to be same to be eligible to claim deduction. Even bank may not give loan unless property is in applicant's name.

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