Query on joint home loan

In order that two persons claiming 24 and 80 c on same property/loanthe following must be satisfied

1. The property must be in joint names

2. The loan must be in joint names i.e not mere guarantee by second person. Both should be co-borrowers

3. The limit of 1.5 lakh is per assessee and can be claimed by both f above conditions are met

4. EMI payments must preferebly come from a joint account whhc is funded by both borrowers equally or approx

5. Certiccate issued by Home loan vendor is sufficient for both

I face this situation very often in my office asked by colleagues. Keeping bookmarked as nicely explained by Mr. Rajagopalakrishnan.

Thanks,

agreed with above discussion

Mr. Krishnan, I have a added query on this.. I have taken a home in name of my wife (in which I am not a co-owner) but the emi are being paid completely by me (she is a primary applicant in the home loan while I am co-applicant) so in this case will I be able to claim the tax benefit under sec 24 and 80c. ?

Mayank, in your case you are not eligible for tax benefit u/s 24 and 80C. As property is in your wife's name. 

 

But you can do one thing, tranfer funds to your wife's account and let the EMI deducted from her account.

So that she could avail taxation benefit.