10 August 2010
FLAT IS PURCHASED IN THE NAME OF THE ASSESSEE(NOT IN THE JOINT NAME OF HUSBAND AND WIFE) AND HSG LOAN FOR THE SAME IS TAKEN IN THE NAME OF WIFE AND INSTALLMENTS ARE ALSO PAID BY THE WIFE.WHO WILL GET THE DEDUCTION FOR THE HSG LOAN REPAYMENT???
10 August 2010
Wife has no income from house property since the house is not belonging to her. So wife will not get 24(b) deduction for the interest portion of the amount she paid. The owner of the house is husband. But husband has no loan. So he also will not get the benefit of section 24(b). Same analogy for 80C deduction also meaning thereby both persons will loose the benefit.
CAclubindia
