24 February 2010
If a person buys home in his own name and takes home loan with wife as his co-applicant then, could both take deduction u/s 80C. If the principal repayment part is Rs.80,000 then could both of them take deduction of Rs.80000 individually? What if they don't have joint account and the EMI is paid out of the account of wife only?
24 February 2010
wife can't take 80C deduction as house is not in her name. for 80C house should be in self name. if house is in joint name then both can calim deduction. in your case if EMI is paid by wife account then also husband can't calim deduction. But a way is there is B/S show it loan from wife then it can be claimed.
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