Deduction - interest on housing loan

[madhavvan n]

X is employed and co has provided quarters to him he has purchased a house and taken loan for the same the house is let out and rent is received by his wife who files her return and does not claim any deduction. can X claim interest on housing loan as per provisions of sec 24 and repayment of housing loan in his return of income

[rishi mohan]

In the above case X cannot claim deduction for the interest paid. The deduction can only be claimed by the owner of the property. If in case the property is in co-ownership, then the deduction for interest can be claimed in the ratios defined.

AI Summary

Deduction for housing loan interest is claimable only by the property owner, not by a non-owner. Deduction for interest on a housing loan is available only to the owner of the property; a non-owner cannot claim it. If rental receipts are shown by another person, the owner holding legal title must claim the interest deduction. In co-ownership, interest deduction is apportioned between co-owners in their ownership ratios and each may claim only their respective share.