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.
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Income Tax Query related to Home loan
Replies (4)
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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