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Tax benefit of home loan

Tax planning 317 views 7 replies
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account head
42 Points Posted on 01 December 2018

Dear 

I have purchased a Flat in Ghaziabd My wife is sole owner of Property (Registered Owner). I took a Home Loan where I am main borrower & wife is co-borrower and whole EMI get deducted from my Saving Account . Should I take income tax benefit on repayment of loan or interest ?  Some one told me i cann't  

 

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On 01 December 2018 at 15:03 Report
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12244 Points Posted on 01 December 2018
yes, you can't.... only the can claim interest payment benefits
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On 01 December 2018 at 17:05
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Student CA Final
12692 Points Posted on 01 December 2018
You cannot get the benefit. For claiming the benefits one must be;

A Co-owner of the Property (+) Co-Borrower of Loan. Only if these 2 conditions satisfied then you could get the benefit of Principal Payment and Interest amount payment.
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On 01 December 2018 at 18:22
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15 Points Posted on 01 December 2018
As your Wife is the real owner of the property . You are not eligable to take benefit
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On 01 December 2018 at 19:24
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account head
42 Points Posted on 02 December 2018
Is there any way? Now
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On 02 December 2018 at 00:16
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Team Lead
7558 Points Posted on 02 December 2018
get the flat registered in your name as well. you can then claim tax benefits
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On 02 December 2018 at 03:33
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account head
42 Points Posted on 02 December 2018
What if my wife declared me as co-owner through a Shapath Patra or by a gift deed. Is there any similar way
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On 02 December 2018 at 07:26
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12244 Points Posted on 02 December 2018
as said by Mr. nitesh, if you satisfy the both conditions, then you are eligible to claim 80c and 24(b) deductions
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On 02 December 2018 at 08:54


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