18 January 2014
Hi I am owning a property, for which I am paying EMI. I am self-occupied and my wife works with an MNC. Previously, I was employed and claiming interest on housing loan. Now, as i am self-occupied and my wife working, i need to know whether she can claim the benefit of interest on housing loan, if she pays the EMI on behalf of me or jointly with me. Property is in my name only and i dont want to claim the benefit. Thanks in advance. Rgds Ananth
18 January 2014
The interest component of home loans is allowed as deduction under Section 24 B for up to Rs1.5 lakh (Rs.2.5 lakh for AY 2014-15) in case of a self-occupied house. But the deduction can be claimed by the owner, i.e. in whose name the property is registered. Therefore, you and not your wife can claim the deduction of interest.
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