If housing loan is taken jointly by Husband and Wife but flat is resgistered in the name of wife only , can both claim deduction of interest and repayment of principal amount ?
If housing loan is taken jointly by Husband and Wife but flat is resgistered in the name of wife only , can both claim deduction of interest and repayment of principal amount ?
Dear Sir,
Answer is "Yes" provided
1) Both makes the repayment out of their own funds.
2) There is an agreement that clearly spells the percentage of ownership of Husband & Wife (Requirement of Sec 26) To claim benefit of interest/principal - one should be the "owner" of the property & "registration of property" is not the pre-requisite to become "owner"
However, you can come across contradictory judgments as to whether "Registration" is a pre- requisite or not.
Yes,
if both are doing payment jointly of housing loan
& limit is Rs.150000 each.
Agree with Amir and Dheeraj
CMNITY HIRE
New Delhi
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