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Housing loan interest u/s.24

04 February 2019

Property in the name of Mr.X and Housing Loan Interest Paid by Mr.X.

my Quety is, Can Mrs. X Claim that housing loan in her Form-16.

both are living together, not Separated. Both are Govt. Salaried Employees. Their Individual Total Income Rs.16 Lakhs(approx).

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23 Replies

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 04 February 2019

No, Mrs. X cannot claim interest on housing loan in Form-16, since property is solely in name of Mr X and he is paying the interest on such loan.

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tds files (179 Points)
Replied 04 February 2019

thanks sir, Suppose Property in the name of Mrs.X but Interest paid my Mr.X

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 04 February 2019

yes you can claim provided Mrs X reimbursed the emi to Mr X and procured interest certificate from Mr X. however Mrs X can't claim deduction for principal since loan is not taken from any financial institution.

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tds files (179 Points)
Replied 04 February 2019

thanks sir

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Munish Mathur (11 Points)
Replied 04 February 2019

and if suppose Mr. X is the owner of property and EMI of housing loan is paid by his son solely where both of them are co applicant for such loan. Now who will claim interest and principal benefits in their ITR

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Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 04 February 2019

Mr X will be eligible as he is the owner of the property. he should reimburse to his son his half share of emi and claim deduction of interest and principal

Munish Mathur (11 Points)
Replied 04 February 2019

Can his son get any benefit?

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 04 February 2019

no because he is not the owner of the property. get the property registered in his name also so that he can also claim the benefits of home loan

Munish Mathur (11 Points)
Replied 04 February 2019

ok sir so in this situation only Mr. X (father) get all the benefits of 24 and 80c

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 04 February 2019

yes that's correct

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Chander prakash Arora (11 Points)
Replied 13 February 2019

X and Y are husband n wife are co-owners of the house and co-applicants of home loan. Wife Y pays EMI from her own account solely. Is wife eligible for benefits toward interest n principal repayment fully i.e 100% benefit ?

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 13 February 2019

the person whose income is on higher side can claim the entire home loan benefits.
but the other person who still has taxable income shud also avail the home loan benefits to reduce his tax burden.
this can be done through a mutual understanding between both of them and a formal written agreement can be drawn

manoj (Service) (313 Points)
Replied 25 February 2019

Sir, If house is registered with wife name solely and loan taken by husband name and emi paid by husband then it is possible to get interest deduction. Wife is non earning and hose purchase by husband in the name of wife.

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 25 February 2019

no not possible.unless you are the owner of house property you can't get home loan benefits.
get the property registered in your name as first owner. after that you can claim home loan benefits