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Joint Home Loan
If an assessee and his spouse takes a joint home loan(co-borrower) and also in a co-ownership of such house property then they both can avail the benefits u/s 24b& 80C of the I.T Act. But in the above case if the whole of the EMI is paid by the salaried person(husband) and wife does not have any source of income then can husband claim full 100% benefits under aforesaid sections inspite of 50% share in ownership and loan taken?
Replies (2)
As long as you are co-owner & co-applicant of a home loan, you can claim tax benefits. If you are the only one who is repaying the loan, you can claim the entire tax benefit for yourself (provided you are an owner or co-owner). You can enter into a simple agreement with the other borrower(s) stating that you will be repaying the entire loan amount.
where it is specified in income tax act
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