House bulding loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 April 2017 Sir, a flat was purchased in the name of my wife for Rs.20.00 lac during the year 2015.
I took a loan of Rs. 10.00 from bank and paid the same to my wife for flat purchase.
Whether I can take benefit U/S.80C for HBL Principal Repayment and also for loss from house property (Interest on loan paid by me) ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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26 April 2017 From your query it appears that the loan is in your name but for taking benefits u/s 80C and interest on housing loan, the property must also contain your name. But if you are paying the whole EMI you may make an agreement with your wife that you will be paying the entire EMI and that she will not be taking any income tax benefit out of it in her file.