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Interest on housing loan

16 February 2016

Hi, I have taken the Home loan on the property which is on my wife' name and taken loan on my wife im only guarantor, i am paying the EMI for the same.offering house property income in my hands Can i get the benefit from Tax. If yes how should i claim the same. Regards, Mahesh C V

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8 Replies

Sivaramakumar (GM-ACCOUNTS) (142 Points)
Replied 16 February 2016

As you are not the owner of the property you are not eligible to claim interest under the act, even though you pay the EMI. I wish to understand as how could you offer income on a property standing in the name of your wife in your assessment.Allowability of interest is determined by ownership and not by payment of EMI

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manisha (cs) (1118 Points)
Replied 16 February 2016

One benefit of wife name properry is low stamp duty(depending on state). However if u had taken hp on joint name. it could have been more beneficial to u

Ajit Hegde (CA - Final) (1367 Points)
Replied 16 February 2016

Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment

Amit Chaudhary (Accounts Officer) (32 Points)
Replied 16 February 2016

And what about principle amount.?

Kuldeep Suhane (Bcom mcom) (22 Points)
Replied 18 February 2016

Principle amount is also allowed as deduction but subject to limit of 150000 as per sec 80 c .

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Vishal Goel (Chartered Accountant) (1693 Points)
Replied 11 March 2016

Originally posted by : Ajit Hegde
	Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment

Hello Ajit

Why clubbing provision apply here. ?????

Vishal Goel (Chartered Accountant) (1693 Points)
Replied 11 March 2016

Originally posted by : Ajit Hegde
	Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment

Hello Ajit

Why clubbing provision apply here. ?????

prasad v (gradute trainee) (42 Points)
Replied 11 March 2016

Hi. You can be benefitted by tax.Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment. Visit Letzbank.