There is Mr A living with his spouse Mrs. A and his two children unmarried and fully dependent on him.
He lives in a house with his family which he inherited long time ago from his mother.
Now he purchased a house property in the name of his wife by taking finance from a bank.
Stamp duty value of house property is approx Rs. 23 lakhs.
Property is purchased and loan sanctioned in FY 2019-20.
Now owner of the property is Mrs A as per the sale deed or dastavej
For bank loan purpose Mrs. A is the borrower and Mr A is the co borrower.
Now, the query is who can claim interest and principal as a deduction & in what ratio? for FY 2019-20
Is benefit of Sec 80EEA is available in this case? Home loan is taken from bank.
Property purchased includes building and land. Right now it is vacant as it is planning to demolish the old building and construct a new one but it will take considerable of time and will start in 2021.
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