HOME LOANS REBATE ETC.

This query is : Resolved

NAVEEN BANSAL (Querist)
Follow

18 January 2008 Hello Sir,

i want to know that if i taken a home loan with my wife in joint name, and paying the installment from our joint a/c ( with my wife) but the property is registered only my name.
so what amt of deduction i can claim for principal amt. and interest amt.
can my wife also claim the dection of the above besides me.
kindly reply urgently in detail.
naveen bansalca@gmail.com

Peter,A.Matthai

Peter,A.Matthai (Expert)
Follow

19 January 2008 sir,
Only owner of the self occupied property can claim interest - here your wife is not a joint owner - she seems to be just a co-obligant or co-applicant

R.V.RAO

R.V.RAO (Expert)
Follow

19 January 2008 IF THE PROPERTY IS IN JOINT NAMES OF HUSBAND AND WIFE , AND IF LOAN IS IN THE NAME OF BOTH ( FIRST NAME WHOSE AND SECOND NAME WHOSE IN LOAN DOCUMENTS DONT MATTER ) ,AND IF BOTH SHARE THE EMI PAYMENT ( ALSO DECLARING THE EMI SHARES TO THE LENDER OR A JOINT BANK ACCOUNT IS DEBITED),BOTH HUSBAND AND WIFE TOGETHER CAN CLAIM INCOME TAX DEDUCTION UPTO RS. 5 LAKHS
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO

ONE OF OUR ExpertS SRI K V Subba Rao
SUGGESTED EARLIER TO visit www.apnaloan.com in which answers to several FAQs on Home Loan are available
R.V.RAO

Upgrade to CAclubindia Pro. Subscribe Now!