Hi,
I am resident of Bharat,I have one property in the name of only my wife in Indore, now we are staying in Pune .I have not kept any share in that property in registration letter but i am paying the borrowed loan to the bank.Loan is paid through my account every month through cheques in the favor of bank.
I just want to know that can i avail tax benefit on my income under Income tax law of India, and please let me know that under which IT act of India i am eleigible.
Tax Benefits Denied: Husband Can't Claim Deductions on Property Registered in Wife's Name Under Sections 24(b) & 80C. A resident of Bharat inquired about tax benefits for a property registered solely in his wife's name, despite him paying the mortgage. He sought clarification on eligibility for deductions under Indian Income Tax law. The response clarified that under sections 24(b) and 80C of the Income Tax Act, tax benefits are linked to ownership. Since the property is not in his name, he cannot claim deductions for interest or principal payments as the tax benefits apply only to the property's legal owner. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
