17 December 2013
Respected Sir, If a House Building is in the name of Husband and wife(Co-Owned), and the House Building Loan is in the name of Husband only, who shall enjoy the benefit of u/s 24 (b)interest on borrowed capital, both of them or single person. As well as the income from the said building can be divided into both of them or single.
17 December 2013
The section 24(b) benefit shall be get to the person on whose name the bank loan sanctioned, and income from the such property(house) shall be divided into both(means owners of the property) at their investment in such property ratio or any pre agreement between(among) them.
17 December 2013
You can try these options if you agree with it then only Add the wifes name as coborrower in bank records. Then pay the emis from husband & wifes account as 50:50 or one month by husband next by wife and so on. If not possible to add then show 50% of loan transferred by husband to wife as her share(by jv) and pay emi accordingly. Plese note emi should actually be paid from wife account out of her taxable income to prove the repayment.
CAclubindia
