Regarding Home Loan

Husband has to pay EMI to bank because he has taken loan from bank but he cannot take any tax benefit from it. Only owner of the property, that is wife in this case, can take deduction under Income from House Property for interest on home loan.

If husband has to claim deduction than property should be in his own name and not wife's name.v

Sir in balance sheet effect in husband account ?

If husband is a co owner then he can claim all other wise not
I don't think balance sheet effect
as you have to show the opening loan amount and Deduction of emi
and results as closing loan amount as per the particular financial year which again carryforward to next year
no Deduction as per income tax act will not be shown

If loan is utilised for home then allow

Kamlesh Ji,
In my opinion, home loan should appear on liabilities side and on assets side it should come as loan to wife.
As far as repayment is concerned, it will be repaid in 2 parts that is principal and interest. Repayment of principal will decrease bank balance on asset side and loan on liability side. Repayment of interest will also decrease bank balance on asset side and it will be reduced from capital, as drawings, on liability side.

I am little doubtful of my opinion, so please consider some second opinion as well.