house loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2011 if Assessee taken the house loan in his wife's name, then can he get deduction of interest and principal paid by him in following cases-
1. house is in the name of his wife
2. house is in joint name

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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27 May 2011 THE DEDUCTION UNDER SECTION 24 IS AVAILABLE ONLY IF THE MONEY HAS BEEN BORROWED FOR ACQUISITION , CONSTRUCTION ETC OF THE HOUSE
THEREFORE THE OWNERSHIP OF HOUSE BY ASSESEEE CLAIMING DED IS A MUST FURTHER MONEY MUST BE BORROWED BY THE ASSESSEE
1. NO DEDUCTION
2. HE CAN BORROW MONEY FROM WIFE PAY INEREST TO HER AND CALIM DEDUCTION

CA MANOJ GUPTA
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