04 March 2012
In case House Property is in the name of house wife(not working)and housing loan was taken jointly in the name of husband and wife. Whether Husband is entitled for deduction under section 80C as husband is working in government department and is repaying housing loan to the bank. Any documentary proof in this regard as one of CA said husband is not entitled for deduction u/s 80 C as wife is the sole owner of the house on which loan is taken.
04 March 2012
In your case the house property is in the name of wife i.e Single Owner of the house & not the joint owner.
So in my view only the wife will get the exemption & deduction of interest and principal repayment. Husband is only the co-applicant for bank loan purpose.
At the same time also wish to bring attention that if the EMI is not paid from the owner's A/c the same can be dis-allowed by the A.O, so make arrangement to pay the EMI from the owners a/c only.
CAclubindia
