Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2013 SIR/MADAM,
A PROPERTY/FLAT IS PURCHASED BY ME IN THE NAME OF MY WIFE AND FINANCED BY ME PARTLY FROM MY OWN RESOURCES AND PARTLY BY BANK LOAN. KINDLY LET ME KNOW WHETHER INTEREST PAID ON LOAN TAKEN BY ME AND MY WIFE AS CO-BORROWER IS ALLOWED AS DEDUCTION FROM MY INCOME. THE LOAN IS SERVICED FROM MY OWN INCOME.
REGARDS

Rajat Poddar

Rajat Poddar (Expert)
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14 August 2013 yes ... interest paid can be claimed as deduction no issues under sec 24b...of income tax act..

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2013 Dear Mr. Poddar , Thanks a lot for the opinion. In simple terms it can be said that interest paid on housing loan can be claimed as deduction u/s.24b from my total Income even though , I am not the owner of the property.( ownership lies with my wife).
Kind Regards
R.K.Sinha

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Rajat Poddar

Rajat Poddar (Expert)
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20 August 2013 yes.. if u have taken housing loan n paid interest u can claim deduction under section 24b ...though u r not owner but ur wife is so .. such interest can be claimed as deduction...

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Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2013 Dear Mr. Poddar ,
Thanks for the clarity.
regards
R.k.sinha

Rajat Poddar

Rajat Poddar (Expert)
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20 August 2013 ur welcome..