15 October 2012
A's wife purchases a flat which is self occupied. She has taken a loan from Bank to fund part of the cost of flat. The property is registered in her name only. A and his wife open a joint account in a bank from which EMIs are paid. All amounts in this joint account are deposited by A.Hence for all purposes he is discharging the liabilty of EMI.
In reference to the above, please clarify the following:
a) Since EMIs are being paid by A would he be entitled to the following benefits:
i. Deduction of Interest upto Rs 1,50,000 u/s 24(2)
ii. Deduction u/s 80C in respect of repayment of the Principal.
b) In case A is not entitled to this benefit would his be entitled to the benifit u/s 24(2) and u/s 80 C.
15 October 2012
in this case , if Mr.A is co obligant in the loan taken by them for the house., even if the house is not registered in his name, he can claim both the previleges like 24(2) and 80 C .
But if he is not a co oblignat he cannot claim.
but coming to point of Mrs.A as the payment is made from joint account ., she can claim the benefits.
CAclubindia
