Hi
one of our employees purchased a house and registered on his wife name. but he took the loan on his name and he is paying the monthly EMI. the question is whether he can claim the repayment of principal amount under 80c instead of his wife and the interest on borrowed capital under income from house property?
Pls. advise
I am unable to understand that how the bank can give a housing loan in the name of husband only while the house is in the name of wife.
Is the loan taken under joint names ?
Yes both the deductions are allowable provided the property is in the joint name. Apparently it seems that the property is in joint name wherein the 1st holder is the employees wife and he is the 2nd holder.
Ask for a copy of Purchase deed of the property. Also take a declaration to this effect from the said employee.
| Originally posted by : Dipjyoti Majumdar | ||
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Is the loan taken under joint names ? |
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the loan is not taken under joint names. the loan is taken in the name of Husband and the property is registered in the name of the wife.
| Originally posted by : Rachit | ||
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Yes both the deductions are allowable provided the property is in the joint name. Apparently it seems that the property is in joint name wherein the 1st holder is the employees wife and he is the 2nd holder. Ask for a copy of Purchase deed of the property. Also take a declaration to this effect from the said employee. |
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the property is not in the joint names. loan is in the name of husband and property is in the name of wife.EMI is paid by husband.
So who can claim the benfits ? if husband wants claim as he is paying, he is not the owner of the property and not satisfying the basic condition of sectin 24.
where as wife is holding the property but she is not paying the EMI..
Now husband wants to take the benefit of home loan...is there any way out?
If the husband is not a co-owner in the house property he cannot claim the said benefits provided under I. Tax. Act.
CAclubindia
