07 August 2023
whether deduction can be availed if the house property purchased in the name of wife. Deduction for interest paid under section 24 of Income from HP Rs 2,00,000/- Deduction for principal amount under section 80C Rs. Upto 1,50,000/ If Payment made by Husband from his income and EMI to be paid by Husband.
07 August 2023
You may claim if all the payment to purchase the HP is made through husband's account; though there would be objection raised by ITD. For your information there are case laws favoring assesses who have purchased properties in name of their spouse and claimed deductions as per IT act.
07 August 2023
If loan is not in the name of Wife, she cannot claim deduction for interest and principal repaid. If loan is in the name of Husband, he cannot claim deduction for interest and principal repaid since he is not the owner of the house property.
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