Joint property home Loan

337 views 4 replies
I have purchase a house property in my name and my wifes name.
My wife is not working
i am only paying the EMI for the home loan.

can i claim the full interest and principle or should it be half since it is also in my wife's name.

i prefer to claim full since i am the only person paying the loan.

please 🙏clarify.
Thank you.
Replies (4)

Yes, subject to Rs. 2 lakhs maximum cap.

No you can't claim the entire interest amount in terms of section 26 of income tax act
Section 26 says

Property owned by co- owners 2 Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income. 3 Explanation.- For the purposes of this section, in applying the provisions of sub- section (2) of section 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub- section
Yes, as per section 26, the income or deduction with respect to a property jointly owned by 2 or more persons, the income and the corresponding deduction to be computed as if each owner is the sole owner of the property and resultant figure is required to be apportioned in proportionate to their respective shares

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