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Housing loan deduction

samiksha nagar (Student CA Final) (168 Points)

13 August 2014

I need clarifications for deduction of principal & interest amount of house property:

1-- If wife is a registered owner of house property & husband takes loan for that house property and also pays the loan amount. then who will be eligible to claim deduction of principal & interest amount. is it necessary that registered owner will only get deduction?

2-- if property is in the name of both husband & wife then who will be eligible to claim deduction in case husband pays principal amount (100%) & interest amount (50%) and wife is paying 50% interest amount,

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 13 August 2014

1. if property acquired by wife out of her own funds then husband cant claim any deduction... if property bought by husband on wife's name then husband can claim deduction....... ...... ...... 2. in case of joint ownership, deduction of intt and principal repaid will be in the ratio of repayment by co-owners. thus in your case husband will get deduction under 80c (100% of principal repaid) and under 24b (50% of intt repaid) and wife will get deduction under 24b of balance 50% of intt repaid.