Loss from House Property query

I own a residential house which is self-occupied. The house is in my name (single name) and  I have availed of a home loan from SBI. The loan is in the joint name of me and my wife. My wie and I both transfer money from our respective salary accounts to the account from where the EMI is paid (thus, there is adequate proof that the EMI is borne 50:50).

Question is whether my wife can claim the loss on house property (Rs.1,50,000) in her tax return as she does not own the house. In my own tax return, I am claiming only my share (i.e. 50% of the total interest paid, capped at Rs. 1,50,000). as a deduction.

Would appreciate any guidance in this connection.

Replies (5)

dear arun

sorry brother for claiming loss the property should be in joint name.as the property is only in ur name only u can claim loss on this.emi payment is not relevant here.

regards

tarun rustagi

Dear Arun Unni...........

Property is fully owned by you... so your wife cannot claim the housing loan repayment... You can only show Loss from House Property as you are the only owner....

I agree with both tarun and Balaji.

for claiming the benefit of housing loan, one should be the co-owner of the property.  Co-borrower will not help u.

U must claim the full benefit by paying the entire EMI from ur own account.

manish

agree with manish answer and suggestion.keep sharing

Tax exemption could only be claimed by the Owner, if in joint name....they can share the exemption.

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