RAJ KUMAR (FINANCE MANAGER) (1393 Points)
10 July 2013HELLO FRIENDS,
MY CLIENT IS A OWNER OF PROPERTY AND HE TAKES A HOME LOAN JOINTLY WITH HIS WIFE BOTH ARE CONTRIBUTING 50% BUT IN PURCHASING THE PROPERTY WHOLE MONEY IS OF HUSBAND AND HE IS ALSO THE REGISTERED OWNER.
NOW, PLS. TELL ME CAN BOTH TAKE THE BENEFIT OF INTEREST AND PRINCIPLE REPAYMENT.
BECAUSE WIFE IS ONLY CO-APPLICANT BUT NOT CO-OWNER.
PLS. HELP ME.
THANKS.
CA. Kunal Lakhotia
(ACA)
(1006 Points)
Replied 10 July 2013
I think both cant claim the simultaneous benefit of the interest repayment under current practice.
Husband alone can claim deduction if he shows that he has inturn borrowed money from his wife for 50% part.
CAclubindia
