Interest paid on housing loan

Dear Sir,

Definitely, you can claim benefit of interest and principal payment to bank. There is no issue as the entire amount for purchase of home will be paid by you in the form of repayment of housing loan.

Thanks

Hi

if you are not a co-owner of property then you can't claim any deduction neither in section 24(Interest) nor 80C(Principal)

It is not necessary that you should be co-owner in the property to claim benefit of interest and principal payment. Ask those persons if this property will be let out in the future then in whose hands will income will be taxable?. Pleas ask

Ideally, you need to be a co owner. But in this case since all the payments are going from your bank account, you can claim the benefit u/s 80c and sec 24. For all purposes you will be a deemed owner and hence you can claim the benefit.

Regards,

Nikhil

To claim deduction you have to be co owner otherwise you won't be getting benefit

Hi

If your wife has not contributed any funds for the property acquisition and entire EMIs are borne by you, you become the real owner of the property. Hence, all the deductions for the loan repayments shall be available to you.

You can claim interest deduction under section 24 and principal repayment deduction under section 80C.

Also please note that any income arising from such house property shall be taxable in your hands only and not in your wife's name.

borrowed interest can be claim only by the person who has acquired or constructed the property.

in the above case you not eligible to claim interest.

and also no eligible for principal amount also

Yes as per various court decision you can avail benefit

Hi,

Hope you are doing well !

Yes, you can take the benefit because entire EMI is paid by you only. You can claim all the following deductions:

Under section 24 (b) you can claim a deduction of up to Rs. 2 lakhs on their home loan interest.

Also, the deduction to claim principal repayment is available for up to Rs. 1,50,000 within the overall limit of Section 80C .

Further, Section 80EE allows tax benefits for first time home buyers. Income tax deduction can be claimed on home loan interest towards your first house property. The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. You can continue to claim this deduction until you have fully repaid the loan.

This deduction is over and above the Rs 2 lakhs limit under section 24 of the income tax act.

Thanks & Regards,

Payal Chhajed

Hi,

If the bank issues a statement stating interest and principal repayment done by you, you can proceed and claim interest and principal repayment in your ITR.

Deduction is available on repayment of housing 'loan'. As per housing loan statement you both are co-owners hence in our opinion you can claim the benefit of Interest an Principal in your ITR.

Hope this resolves your queries!

Hi

You should be Co borrower to take deduction..yes you can claim tax benefit.

Yes, you can claim the principal and interest deduction.

Please note that for income tax purposes, you will be considered as owner of the property and not your wife. Any income from that property will be your income and not your wife's income.