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House property query

Savli (na) (72 Points)

11 September 2011

IF PROPERTY IS ONLY IN wifes name BUT HOME LOAN IS IN JOINT NAME OF husband and wife.................WHETHER BOTH WILL GET IT BENEFIT UNDER HOME LOAN INTEREST OR ONLY wife WILL GET ?

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18 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 11 September 2011

As the House Propertry is in the name of wife only, the benefit of repayment of homeloan and deduction of Interest shall be available only to her.

Regards,

Devendra K

1 Like

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praveen (Chartered Accountant) (6971 Points)
Replied 11 September 2011

Ownership is one of the most important component under Self Occupied Property. Hence, only the owner will get the benefit of the loan amount paid.

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CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 11 September 2011

only the owner will get the benifit

(Guest)

Agreed with Devendra...

Nitin Singhal (Gaining knowledge...) (320 Points)
Replied 11 September 2011

ONLY WIFE WILL GET THE BENEFIT.

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Prakash Prajapat (student) (56 Points)
Replied 11 September 2011

only his wife get claim for this because h.p owner is his wife.

D VARA PRASADA RAO (Student (Articles Completed)) (173 Points)
Replied 12 September 2011

Yah.........Only Owner of the House Property will get the Benfit of it

A.K.Banik (Tax Consultant) (1596 Points)
Replied 12 September 2011

Before making any final conclusion , i think it is important to decide whether sec 22 (regarding Deemed owner) will be applicable or not. if Sec 22 is not attracted (regarding Deemed owner) - then the benefit will be available to wife.