I am planning to purchase my first property ( flat) in Ahmedabad. My wife is house wife and hence I will be paying all the EMis for the Flat. However I wanted to register the flat in my wife 's name, which will give me a waiver off of the Registration Charges (1% of the Sales deed).
However if I register the flat in my wife's name, will I be able to avail Income tax exemtions on the home loan to be paid?
Please let me know.
Don't try to save that one percent, because getting loan without ownership will not be possible. Moreover for deduction of home loan interest and principal, the assessee needs to be owner or co-owner of the property.
CAclubindia
