Benefit of house loan - Property in joint name

[vikas girdhar]

if a house is brought by husband & wife in joint name, but housing loan is taken by husband in his own name & repayment of loan is made by his bank account only , then benefit of repayment of Principal & int shall allow only to husband or to both husband & wife.

AI Summary

Joint Property Ownership: Only Husband Eligible for Tax Deductions on Housing Loan Repayments Under Section 24 & 80C A query was raised regarding the tax benefits of a housing loan when a property is jointly owned by a husband and wife. The husband took the loan in his name and is solely responsible for its repayment. The question was whether both parties could claim tax deductions on the principal and interest repayments. The response clarified that since only the husband is making the repayments, only he is eligible for the tax deductions, and the wife cannot claim any deduction benefits.