sagar mohan (student) (93 Points)
09 June 2010i would like to know about details regarding tax benifts of home loan. plus also would like to know in case where husband and wife jointly take a house and wife takes home loan for same will the husband be entitled to tax benifit if he pays the interest of the same.
also would like to know were pre construction and post connstruction period is applicable if take house from builder were house are alloted before and construction starts later
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 09 June 2010
sagar mohan
(student)
(93 Points)
Replied 09 June 2010
yes. but i want to know
is it necessary that home loan should be taken in name of the co owner who wishes to take deduction?
&
in case of flats alloted by builders before their construction and payment being made in advance and construction linked instalments would such pre and post construction clause apply?
deepak K Gujrati
(CA-practice)
(966 Points)
Replied 16 June 2010
To claim benefit of Home loan interest, it is essential that property should be owned by the borrower. If the property is in the name of any one and loan is taken by other , interest will not be allowed. As mentioned it is jointly owned property and both are the borrowers also i.e one is borrower and other is co borrower the benefit of the interest can be claimed .
If percentage of ownership is not defined and the first borrower wants to take full benefit of interest it is quite possible. It is essential that installment should be paid from his/her account.
CAclubindia
