Property is in name of my wife. She is no source of income. I am co applicant in housing loan not co-owner. Total EMI is paid through my account.
Am I eligible for tax rebate on housing loan?
As per Section 22 House property should be OWNED by the assessee. Owner can be legal or Beneficial owner. However, cash is transferred to spouse and they purchased property from this amount, the transferor shall NOT BE DEEMED OWNER.
Therefore, in this case husband can not claim Interest paid by him for house property.
However, Section 64 may be seen for clubbing (if applicable). One may note that Income as well loss both are to be clubbed.
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