Tax benefit araising out of housing loan

i will explain it a bit-

Your friend can take housing loan along with his spouse, taking her as co-borrower, the benefit of having co-borrower is that you'll get higher amount of Loan and the benefit of Interest and Principal amount will be Proportionate.

The max limit of deductions available are Rs. 200,000 for the interest on loan and Rs. 150,000 for the principal.

 Now the working of proportion will be--  If loan is given on Income in ratio of 70:30, then the tax benefit will be divided in the same ratio.

I Hope it will be helpful.

Dear Sir,

Thanks for your reply,

Further to this my query is, if my friends wants purchase house in his wife name & his sons name and not in his name, whether he can get income tax benefit?

Request your reply in this.

Regards

Rajprakash

Sir, as long as it is House loan and you are a borrower or co-borrower, you can share the benefits of such house loan,

as far as Name on Hosue is concered, i don't think income tax dept. will have issue on that(However, if such case comes in scrutiny, you'll have to show that the loan was taken on your name even if the house is in spouse or his children name, and few more arguments).

So YES even if the house is on the name of your Friend's spouse and son's name, he can enjoy the benefits of House Loan.

(If i find something else on this regard, i'll post it ASAP)

Thank you Mittal sir and Danish sir,

Whether  % of share and % of loan amount should be equal or mere share in the property is enough for getting tax benefit.

Thankyou in advance.

Regards

Rajprakash