If housing loan is taken jointly by Husband and Wife but flat is resgistered in the name of wife only , can both claim deduction of interest and repayment of principal amount ?
Anupam Petkar (Proprietor) (43 Points)
12 July 2010If housing loan is taken jointly by Husband and Wife but flat is resgistered in the name of wife only , can both claim deduction of interest and repayment of principal amount ?
Amir
(Learner)
(4016 Points)
Replied 12 July 2010
Dear Sir,
Answer is "Yes" provided
1) Both makes the repayment out of their own funds.
2) There is an agreement that clearly spells the percentage of ownership of Husband & Wife (Requirement of Sec 26) To claim benefit of interest/principal - one should be the "owner" of the property & "registration of property" is not the pre-requisite to become "owner"
However, you can come across contradictory judgments as to whether "Registration" is a pre- requisite or not.
Dheeraj
(Learner)
(1100 Points)
Replied 12 July 2010
Yes,
if both are doing payment jointly of housing loan
& limit is Rs.150000 each.
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