Respected members
Home purchase on wife name
and loan husband name
husband file it return so how to accounting treatment in this loan.
thank u in advance
Husband has to pay EMI to bank because he has taken loan from bank but he cannot take any tax benefit from it. Only owner of the property, that is wife in this case, can take deduction under Income from House Property for interest on home loan.
If husband has to claim deduction than property should be in his own name and not wife's name.v
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