09 December 2013
I am an individual, salary ward income tax assesse.My wife is a house wife and she was gifted with a plot by her mother.the plot was regitered in my wife's name solely. now we have availed first ever housing loan in my name(borrower/ applicant) and in my wife's name(co-borrower/ co-applicant)jointly from HDFC in 2011 -2012 and constructed the house.The repayment of interest and principal are deducted fully from my account only.There is no contribution from my wife and she neither have any taxable income nor claim any deduction from income tax. Can i claim deduction from my income tax, if yes under which section of IT ACT.
CAclubindia
