income from house property

[HIMANSHU JARIWALA]

Dear all, If husband acquire house property in the name of wife and take housing laon in the name of wife. Repayment of loan is made by husband from his bank account. Question is weather husband claim deduction of interest on repayment of housing laon u/s 24 and principal repayment under sec. 80C from his income as wife is not filing income tax return as she is house wife.? pls advise.

AI Summary

Husband Seeks Tax Deductions on House Loan in Wife's Name; Beneficial Ownership and Documentation Key to Claim A husband acquired a house in his wife's name and took a housing loan in her name, with repayments made from his account. He inquired whether he could claim tax deductions on the interest and principal repayments, as his wife does not file tax returns. Respondents advised that deductions typically require ownership, but the husband might claim them if he is considered the beneficial owner. Caution was advised due to potential future tax implications. Opinions varied on whether the husband could claim deductions, emphasizing the need for a cost-benefit analysis and proper documentation to establish beneficial ownership.