House loan interest deduction

This query is : Resolved

Devadass (Querist)
Follow

24 May 2007 I've taken a loan jointly with my wife to buy a house property. Basically the loan is sanctioned on my salary and repaying capacity only. EMI is Rs. 19,000/- Whereas my wife salary is Rs.13500/- only
I've registered the house property in my wife's name only.
In this circumstance whether i can claim Interest on salary u/s 24 and deduction u/s 80C for the principal portion paid from my salary income
Please clarrify

Thanks & Regards
R.Devadass

Rsn Associates

Rsn Associates (Expert)
Follow

24 May 2007 The tax rebates can be claimed only by the owner of the house property. Since your wife is the registered owner only she is entitled to the tax rebates.

Rsn Associates

Rsn Associates (Expert)
Follow

24 May 2007 As a measure of tax planning, you could have registered the property in joint names through proper consultations.

Upgrade to CAclubindia Pro. Subscribe Now!

P Manivannan

P Manivannan (Expert)
Follow

24 May 2007 Yes your wife can claim the rebate, since she is owner

PR Choudahry

PR Choudahry (Expert)
Follow

10 June 2007 loan is sanction u & repaid by u hence interest will be claimed u also

Message likes : 1 times

Ashok Kumar G

Ashok Kumar G (Expert)
Follow

03 September 2007 Even for registration in joint names you can mention percentages of share so that you can claim the lion's share as deduction for Eg: 60:40 or 70:30

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
Follow

09 March 2008 Deduction cannot be claimed by you.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
Follow

01 April 2009 i agree with Mr. Gopal

Upgrade to CAclubindia Pro. Subscribe Now!

taxindiaconnect

taxindiaconnect (Expert)
Follow

27 April 2009 The interest can be calimed by a person who is the beneficailly owning the hosue and who is infact taking up the burdan of payment on interest and the principle amount. In my opinion in your case you can claim the interest as well as the pricipal amount in full. However, you may have to prove giving clear cut evidense that the entire payment is from your account.