Friends,
A very common question regarding repayment of Housing Loan Interest and Principal amount is Who can claim the deduction under section 24 on account of Interest and 80C for Principal amount when property is in the name of spouse and EMI is paid by the Husband or wife vice-versa. Here is example of the same.
Q. My wife is owning a property in his maiden name & after marriage I am paying the EMI of the flat as she is not earning. The Tax certificate which we receive from the Bank is on her Maiden name. So as i am paying the EMI is there any option where i can get the Tax benefit as i am the husband & if yes. Please guide for the same.
ANS. Since the interest is deducted for the annual value taxable in the hand of owner of the house property , whatever deduction is to be given in case of property you are referring , shall be to your wife only. The simple reason is that she is the owner of the property and income from house property is chargeable only in her hand.
That is true even if the EMI is paid by you . At best those EMI is loan in your wife hand. In my opinion , you are not eligible for claiming the interest.
ANS. Since the interest is deducted for the annual value taxable in the hand of owner of the house property , whatever deduction is to be given in case of property you are referring , shall be to your wife only. The simple reason is that she is the owner of the property and income from house property is chargeable only in her hand.
That is true even if the EMI is paid by you . At best those EMI is loan in your wife hand. In my opinion , you are not eligible for claiming the interest.
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