• Jan
  • 25
  • 2013

Tax & Loan Eligibility benefits from Home loan in Joint Names

Posted In Income Tax | , | 83 Comments » Print Friendly and PDF

One of the most attractive benefits of taking a home loan is that they help you save tax, while you prepare to invest in a fixed asset. Acquiring a home loan makes you eligible for tax rebates under Section 80C and Section 24 of the Income tax regulations.

Highlights

  • Tax benefits get divided among co-applicants in case of a joint loan
  • The division takes place in the same proportion in which the asset is owned by each co-applicant
  • Each co-applicant can claim a maximum tax rebate of up to Rs. 1 lakh for principal repayment and Rs. 1.5 lakh for interest payment
  • The very first condition is the house property has to be bought by the individuals jointly, and this should be in their joint names.
  • The share of each holder should be clearly mentioned so that there is absolute clarity on the percentage ownership of each co-owner.

Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan.

  1. Interest paid on  loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the  income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vacant.
  2. Repayment of Principal amount of Loan up to Rs. 1 lakh is eligible for deduction under Sec 80C.

The planning in the entire issue has to be done in such a manner that all the joint holders are able to take the tax benefit and no part of the total repayment goes waste.

Advantage for joint home loan takers-

Tax benefit

Joint holders can claim the maximum tax benefits individually. This means each holder can get a tax rebate of Rs. 1 lakh for principal repayment under Sec 80C and Rs. 1.5 lakh for interest payment under Sec 24.

The tax benefits are applied according to the proportion of the loan taken by everyone involved in the joint loan. For e.g. if the ratio of ownership is 70%:30% then the loan amount of 50 L will be split as 35 L and 15 L respectively and interest/principal applicable to the respective amounts will be taken into account for each individual taking the loan. For claiming your tax, it is best to  procure  a home sharing agreement, detailing the ownership proportion in a stamp paper, as legal proof for ownership.

To get the best out of the tax savings, it is good to let the partner with the higher pay make a higher contribution towards the home loan resulting in a better tax benefit collectively. In the case of an earning couple, this would make most sense as other expenses can be manged with the income of the person making a lesser share towards the loan. This would help you optimize the benefits from the tax exemption on principal and interest repaid.

Increased Loan Amount Eligibility

If more than one person takes a home loan then income of all the co-owners will be considered by the lenders. This can help increase the size of the loan. In this case, the bank combines the incomes of both the applicants, and thus, can sanction a proportionately higher loan amount. Buying a house jointly facilitates a larger loan as income of all the co-owners would be considered by the lenders.

Additional benefits:

  • In many states, a lower property registration fee is levied in case the property is owned by women either individually or jointly.
  • If husband and wife jointly own a property reduces the succession issues.

So taking a joint home loan has the significant twin benefit of increasing your loan eligibility and maximizing your tax rebate. There is one rule banks insist on when you apply for a joint home loan, which is that all co-owners of the property should also be co-applicants but the reverse need not be true.

Under Construction house- Another aspect that needs to be remembered is if you are buying a house under construction that you can claim tax benefits only after the construction of the house is completed.

Joint structure- The term ‘joint benefit’ in a housing loan refers to a situation where more than one person takes and repays a home loan. Here, the co-applicants are family members, which include husband and wife or father and son or father and daughter or mother and son or mother and daughter as the case may be. In such a situation, tax benefits have to be divided between all co-applicants and hence known as joint benefits.

Joint account – The repayment of a joint loan has to be made from a joint account owned by the co-applicants. Each of them needs to contribute his/her share to the account. But there are times when this is not possible and in case the payment is being made from just one person’s account then there has to be a method whereby the other individual is contributing his/her share. This will ensure that the benefits are also available in an adequate manner and that there are conditions that are being fulfilled in the process.

Disadvantage of a home loan in joint names

1.  If you buy another house in future then as per Income Tax Act if a person has more than one house in his name, one of them will be treated as self-occupied, and another will be treated as let-out – even if it is not actually let out on rent. You would need to pay income tax on the rent received if this second house is actually rented out. But if it is not rented out, it is deemed as rented out, and you would have to pay income tax on an amount that you would have received as rent as per prevailing market rates.

2. You have to pay wealth tax on one of your house. As per Wealth tax Act only one house is exempt from Wealth Tax. You have to pay tax on one of the house of your choice but you can deduct loan amount against the house for which you taken loan while calculating taxable wealth.

When one should take Home Loan in Joint names:-  Take the home loan in joint names

  • If You need a higher loan amount then your eligibility in Individual capacity
  • The income tax savings by opting for a joint loan is significantly higher than a single-name loan

When one should take Home Loan in Joint names  -

  • You have enough loan eligibility as single applicant
  • The income tax savings by opting for a joint loan is not significantly higher than a single-name loan
  • You plan to purchase another house in near future

(Republished with Amendments)


83 Responses to “Tax & Loan Eligibility benefits from Home loan in Joint Names”

  1. kaushik says:

    Dear sir I am paying housing loan issued on my mother name;then how can I show under IT benefit.my mother is a housewife and father jobless..please suggest

  2. vijay says:

    sir,
    I want to purchase my fathers house for that i want to apply for housing loan.
    please guide me which bank will give me housing loan to purchase my fathers house.
    Thanks and Regards

  3. Basu says:

    Dear Sir,

    My son, who is 22 years old but not yet employed. He is planning to apply for a flat from govt. agency. Can I pay the flat cost on his behalf, if allotted. Can I also take home loan for that purpose and get the IT benefit. Or it should be a joint applicant. Please guide me.

    thanks

  4. Rohit says:

    Hi,
    i want to buy my father’s property by taking home loan. When I contacted some banks they are not ready to give loan.
    They are saying i have to take mortatge loan.Please suggest me in this

    Thanks in advance….
    Rohit.

  5. Kapil Dev Dhingra says:

    Sir,

    My wife wants to constructs a house in Noida, since her age is 54+, she is not in a position to take HBA at this stage. She wants to put my retirement money in house constructing. Can She claim money taken from me as HBA and interest thereon for tax rebate under section 24(B).

    Can you please clarify.

    K D Dhingra

  6. Sukumar shetty says:

    HI I am paying a home loan for the property which is in my father & mothers name and I am a co- applicant for the loan. Will I be eligible for income tax benefit? What needs to be done to make my self eligible for home loan since I am paying the entire home loan. Please advise

  7. chirag jain says:

    is tax benefit for housing loan interest applicaple to huf u/s 80c
    and alsop in any other section

  8. chirag jain says:

    is tax benefit for housing loan interest applicaple to huf u/s 80c

  9. Aru says:

    Dear sir,
    I m a govt employee working in Mumbai I have taken a home loan for construction of my parent’s house which is in the name of my mother only my mother is simply a house wife and doesn’t have any income 
    Emi is also paid by my salay only . Please clear can I avail the benefit of interest rebate under housing loan facility
    I once again clear that my mother is Co applicant but no income i m main borrower but no owner

  10. Gita says:

    Me ,my son & my daughter in law are co owners for buying a house. I am the 1st owner as I have to reinvest the money I got thru sale of other property. Home loan is now raised for balance money by my son & di/l for buying the house . They are asking me to bear a portion of EMI as rental to them.Am I eligible for claiming HRA exemption in this case?

  11. Rahul says:

    Hi there,

    I have take housing lone for GICHFL fo the amount of 22 lack with co-applicant as my wife, ass she is also salaried & working in private company.
    My question is that can i claim 100% in ITR on her name.

  12. Saravanan says:

    Hello Sir,

    I have booked a flat. I am planning to take home loan. I and my wife are joint owners for the flat. My wife is not working now and will be joining work after 6 months as she is on a long leave. I have the following doubts:
    1. If I apply for a home loan, is my wife also eligible for tax benefits after she joins work ?
    2. Is she again eligible to apply for a home loan for the same flat after she joins work ?
    3. What is the meaning of first and second applicant in the home loan forms and does this have any effect on tax benefits
    4. Where should we mention the share of the flat owned by each other ?

  13. Amol says:

    Dear Sir,

    I have taken a joint home loan with my father for construction purpose. The plot document is on my father’s name and the home is also with my father’s name. The EMI of loan is shared by both of us. I would like to know can I take any tax benefit of Principal and interest.
    Also, I stay in different city in a rented apartment but father continues to stay in the home, we have taken joint loan for. Can I avail HRA benefits along with this home loan tax benefits?

    Please advise.

  14. Madhava Rao says:

    I have purchased a plot in 2007 in my wife’s name. I have constructed a house in 2008 by availing housing loan in joint names from Nationalised Bank, I am applicant and my wife is co applicant. My wife is housewife and having no any income and I am paying EMI from my salary. I was availed benefit of both principal and interest for income tax calculation since last five years. And my present company has given benefit of principal portion only and not Interest portion. Please advice.

  15. RADHE SHYAM says:

    Dear Tax Guru,

    I have taken a joint home loan with my father for construction purpose. The plot document is on my name but I am second Applicant in Housing loan and my father which is a pensioner, is first applicant in that loan. The 100% EMI of loan are being paid me. I would like to know can i take 100% tax benefit of Principal and interest.

    Please advise.

  16. SURESH says:

    Sir, the land document is my mothers name he has two sons i am working private mnc company can i apply housing loan the document in my mothers name

  17. rakesh says:

    Hi,

    I have applied for a Home loan to make house in a land in my hometown.But the property(land) is in my mother’s name who is an housewife.So i am only a co-borrower for the applied loan.But the loan has been granted entirely based on my salary income.So will i be eligible for tax exemption against the principal amount and the interest paid against EMI’s paid?.

    Thanks.

  18. RAJESH KUMAR says:

    I have a home loan since 2009 September and I want to sell the flat at same price or give gift to my brother/mother in march2014(within 5year). can my tax given previously be null and void and I have to pay all deductible income tax rebate under home loan.

    2. if I purchase a second flat after selling first flat can I get tax rebate.

    Regards
    Rajesh

  19. Mallesh Babu says:

    Dear Sir, I am a central government employee and I took a home loan along with my father for constructing a house on a land belongs to my father. In loan A/C my father is the first applicant and i am the second applicant. My father is not an employee and he is dependent on me and I am responsible for full EMI and have been paying since one year. can i claim for income tax rebate? Guide me… My office says that i am not eligible for tax rebate.

  20. murthy says:

    Dear Tax Guru,

    I have taken a home lone for construction purpose. The plot is in the name of my elder brother and myself. I am second Applicant in Housing loan and my elder brother is first applicant in that loan. The 100% EMI of loan are being paid me. I would like to know can i take 100% tax benefit of Principal and interest.

    Please advise.

  21. IGNOU says:

    husband and wife have took a first housing loan from HDFC and second housing loan from the nationalised bank for the same property. whether tax benefits be given for both loan?

  22. Kiran says:

    Hello TaxGuru,

    I have a land on my mom’s name who is a house wife, i would like to apply for home loan to construct a house. Could you please tell me on what circumstances i can avail tax benefits.

    Thanks
    -Kiran

  23. Prem kumar sinha says:

    Dear Tax Guru,

    I have applied for a Home loan to make house .But the property(land) is in my wife’s name who is an housewife.So i am only a co-borrower for the applied loan.But the loan has been granted entirely based on my salary income.So will i be eligible for tax exemption against the principal amount and the interest paid against EMI’s paid?.

    Please elaborate.

    Thanks.

  24. Saravanan G says:

    What is the benefit under IT rules if one of the spouse owns the plot (land) but Housing Loan for construction of a house thereon is taken jointly by them from a Bank. Can both the members can claim benefits under IT Act?

  25. Nitash says:

    Dear All,

    I have taken a join home loan with my mother. I’m paying all the EMIs and as my mother doesn’t need any tax benefit for the same hence I want to claim the 100% tax benefit on interest and principle paid. Could you please let me know how to deal with this.

    Regards,
    Nitash

  26. Pinal Joshi says:

    Hello sir,
    i have one confusion about when i am goverment employee in gujarat.
    my account section has denied to accept joint certificate of two borrowers on tax reback certificate to owned house jointly,and HDFC home loan also on joint name.

    HDFC home loan can not issued separate certificate for joint borrowers, what to do now sir help me!!

  27. Amit Kaushik says:

    Dear Tax Guru,

    I have taken a home lone for construction purpose. The plot is in the name of my mother. I am First Applicant in Housing loan and my mother is second applicant in that loan. The EMI of loan are being paid me. First, i would like to know can i take tax benefit of Principal and interest. if no, than can i take HRA deduction U/s 10(13A).

    Please advise.

  28. suresh says:

    Hi,

    I have applied for a Home loan to make house in a land in my hometown.But the property(land) is in my mother’s name who is an housewife.So i am only a co-borrower for the applied loan.But the loan has been granted entirely based on my salary income.So will i be eligible for tax exemption against the principal amount and the interest paid against EMI’s paid?.

    Please elaborate.

    Thanks.

  29. Hemant says:

    sir, i as applicant with my papa and mom as co-applicant have taken a home loan from hdfc bank. But home is purchased and will be registered in my and my papa’s name. Will my papa and i be taken benifit in tax and in what protion? Papa working in psu and i in state govt.

  30. Darshan Sharma says:

    A father buys a flat for his son on housing loan from the bank. For that loan he is a co-applicant and pay EMIs towards principal and interest exclusively from his own account/resources. Benefit u/s 80C and Section 24 should be enjoyed by him and not his non-earning student-son. How can his son make him owner for tax benefits.

  31. hasan says:

    Me and my brothers inherited a land from our father now we want To Sell It And Are Interested In Buying A House In Our Joint Names So Can We Claim Deduction Under 54 Seperately

  32. Amit Kumar says:

    Dear Sir,
    I have home loan in joint name and home is also owned in joint name. EMI is paid by one owner at present. Can he claim tax benefit on interest alone i.e 1.5 lac limit.Please reply

  33. Kannan says:

    Hello Sir, I am planning to buy a home in joint names (myself and my wife) however the loan will only be taken in my name since mywife doen’t have income. The home will be rented out to take advantage of HRA claim. Please clarify the following questions.
    1. Can the income from the rented house can be considered as income of both of us (seprately) since the house is in joint name. 2. Can I claim the full loan Interest to take advantage of tax exemption on my income? In short, Would it possible to split the rental income in both of our names however the tax exemption will only be in myname since I have taken the full loan (I will add the rental income 50% to my annual income). Please clarify the questions. Thanks in advance.

  34. Ramakrishna says:

    Hello sir

    I have taken the home loan, but property is on my parent’s name. is it possible to get the tax benefit?

  35. Arvinder Singh says:

    I and my wife have taken up a home loan for an apartment where we are residing right now. The house is in our name 50% each. So we are eligible for IT rebate. I am inquiring about the interest part of the home loan paid till now. The total interest paid is INR 58799 for the last fiscal year. So, both of us are eligible for rebate of INR 29399.5 0 each. Correct?
    It says that it can be availed under Section 24 (b). I file my own returns using the income tax department’s website. The excel sheet which I have download from their website does not have Section 24(b) listed. Where should I put this deduction? Please advice. Thanks.

  36. Dr.N.N.Chowdhury says:

    I am a doctor, private practitioner, wants to take home loan jointly with my wife, though I have already taken on one home loan alone previously & still paying EMIs. Can I get full IT benifit if joints home loan sanctioned. What will be the tax benifits of both applicants. What will be better option single or joint loan?

  37. Ajay Kumar says:

    Hi,

    I have applied for a Home loan to make house in a land in my hometown.But the property(land) is in my mother’s name who is an housewife.So i am only a co-borrower for the applied loan.But the loan has been granted entirely based on my salary income.So will i be eligible for tax exemption against the principal amount and the interest paid against EMI’s paid?.

    Please elaborate.

    Thanks.

  38. samarthya says:

    dear sir,

    can u tell me if loan in name of my father and co-applicent me and my mother.and afetr some time we are having some disputed and my father noy paying monthly primium.so whats will in this case. the property ragistered with my mother’s name

  39. Atul Kulkarni says:

    Dear Sir,

    I am in process of taking loan with my wife declared as the first applicant and me as the co-applicant.
    However, only my salary has been considered while deciding loan eligibility and I only would be paying the EMIs as my wife is housewife & has no income.

    So I just wanted to be sure that me being the co-applicant would affect my tax relaxation?

    i.e. I could still avail tax benefit (even when I am the co-applicant)

    1) Rs. 100000 of Housing Loan Maximum limit under section 80C

    and

    2) Rs. 150000 of Interest on Home Loan under section-24.

    As my wife is housewife and only I am paying the EMIs so could I get the whole 100% of tax benefit in such case?

    Please help its really urgent towards making a decision.

    Regards
    Atul

  40. aqueel says:

    Hi,
    I already have one flat (Jointly owned by me and my wife) and now looking to buy another one. For the loan of second, the loan EMI that I’m paying would be considered as a whole to calculate my eligibility or it can be consider half as my wife being co-owner and joint borrow of the first loan.
    Please advice,

    thanks
    aqueel

  41. ALAMELU S IYER says:

    SIr,

    Myself and my husband have joint housing loan and this year only my husband has claimed 100% interest amount and I have claimed only 50% of principal amount . Is it necessary for me to submit a declaration from my side and from my husband’s side to the company for this?

    Alamelu

  42. ashok says:

    can aperson claim tax-benefit u/s 24(b) for a flat in an apartment under construction which is to be possessed next year

  43. Piyush Goel says:

    Hello Expert,

    I would like to know if certificate/affidavit from co-owner that he/she is not earning and not even availing exemption of home loan interest. Can’t it work??

    Regards,
    Piyush

  44. Punit Hadani says:

    Hi Sir,

    My Question is :-

    If I have take home loan than, can I go for property document with my wife name?

    If yes than Can I get benefit in tax

  45. Ramesh l. kundalia says:

    I have taken a home loan jointly with my son and avail tax benefit both of us, where we stay in joint family. Now I have taken new house in joint name with my wife, lloan in my wife’s name and personal loan in my name what will tax benefit and liability.

  46. P. Satyanarayana says:

    I am working as an LIC development officer in Hyderabad. I am planning to take housing loan from LIC HFL. My wife (house wife) will be a co-applicant. will I get tax benefit under section 24. please advice me as early as possible. It is very urgent.

  47. Mahajan says:

    dear sir
    I am a PSU employee and have bought a flat in joint name with wife. She is housewife and having no income. Loan is also taken on joint names. Entire emi is paid by me thro my bank account. Can I get full benefit of tax rebate as the entire amount is paid by me and my wife is not claiming any tax rebate.
    Thanks

  48. prabir says:

    Sir
    All salaried employees are compulsorily taxed because they can not hide.The authorities trouble them the most because they pay regularly and it is easier for the tax authorities get the accounts detail. Where as non salaried person seldom pay tax even if they earn more than the salaried employees.why this disparity and unequal treatment.A person having multiple buildings pay nothing not tax authorities ever ask them to pay taxes.
    Any comment?

  49. DEB DULAL BARAT says:

    SIR TILL ONE AND HALF YEAR IAM PAYIING THE HOME LOAN . YEARLY STATEMENT AND ALL THE PAPERS AN PROVE ARE WITH ME.BUT THE REGISTRY OF MY HOUSE IS IN MY WIFE S NAME. MY ACCOUNTENT IS TELLING I WILL NOT GET ANY TAX DEDUCTION. WHAT SHALL I DO??????? please mail me.

  50. Rupinder Mansa Punjab says:

    R/Sir I am const. a home for whichwe have taken a home loan my wife being first and myself co borrower.Since her income is quite less 1 lac as mine is 5 lac can we both still avail the loan benefits

  51. NINAD says:

    Dear Sir,

    I am in process of taking loan with my wife declared as the first applicant (as interest rate is lower if first applicant is a female) and me as the co-applicant.
    However, only my salary has been considered while deciding loan eligibility and I only would be paying the EMIs.

    So I just wanted to be sure that me not being the first applicant would not affect my tax relaxation?

    i.e. I could still show (even when I am the co-applicant)

    1) Rs. 100000 of Housing Loan Maximum limit under section 80C

    and

    2) Rs. 150000 of Interest on Home Loan under section-24.

    As my wife’s salary is not considered while deciding loan amount eligibility also only I am paying the EMIs so could I get the whole 100% of tax benefit in such case?

    Please help its really urgent towards making a decision.

    Thanks,

  52. K K SARAOGI says:

    Deduction of interest u/s 24 @ 1.50 Lacs shall be available to each joint owner only when the share in the property is determinate as per Sec.26 of the I.T.Act. If there are two joint owners and the shares are not defined it may be deemed that both are joint owners on 50:50 basis. However, in case of more than 2 jopint owners, shares of each should be clear. However, in order that the deduction can be legally available to both i.e. husband and wife, repayment of loan as well as interest should be paid by both of them from their own bank accounts separately.

  53. rajesh says:

    Dear Sir, I am working as Engineer and I took home loan on joint acount i.e myself is the first applicant and second applicant is my wife. my wife is not an employee just house wife. I registered the property on my wife’s name. when i submitted the loan statement in my orginastion, they are not accepting it. the reason they saaying is that the property is not registered on my name. can you please clarify this.
    thanks for your help.

  54. Abhishek says:

    Dear Sir,

    I am in process of taking loan with my wife declared as the first applicant (as interest rate is lower if first applicant is a female) and me as the co-applicant.
    However, only my salary has been considered while deciding loan eligibility and I only would be paying the EMIs.

    So I just wanted to be sure that me not being the first applicant would not affect my tax relaxation?

    i.e. I could still show (even when I am the co-applicant)

    1) Rs. 100000 of Housing Loan Maximum limit under section 80C

    and

    2) Rs. 150000 of Interest on Home Loan under section-24.

    As my wife’s salary is not considered while deciding loan amount eligibility also only I am paying the EMIs so could I get the whole 100% of tax benefit in such case?

    Please help its really urgent towards making a decision.

    Thanks,
    Abhishek

  55. govind says:

    How to calculate the depreciation on the constructed house.Can i claim the depreciation amount for tax liability. how much amount i can claim for tax rebate on the repairs and what documents shall i have to produce.

  56. Balaji says:

    Dear Sir,

    I have taken a housing loan jointly with my wife and we are co owners of the property. She is not working and has no other income. The property has been let out for rent. The rent income has been given to her. My queries are:

    1. Can I claim the entire interest benefit for the property (with out deducting the rental income from the property). If not, what are the rules in claiming?
    2. Can she show the rental income and should file tax income?

    Thanks

  57. Bhuvnesh Maheta says:

    Dear Sir,

    Please to inform you that me (Bhuvnesh Maheta – Salaried) & my father (Himanshu Mehta – Salaried) has taken joint home loan from AXIS bank. We have defined our ownership of property 31.15% for me & 68.85% for my father. We are paying EMI in the same proportion (Internal transfer the fund).

    Now during the Financial Year 2012-13, my expected gross income is 3.15 lacs & my father’s expected gross income is Rs.4 lacs. Bank has issued a provisional interest certificate to us as below mentioned details.

    Principal Component: Rs.71900/-

    Interest Component: Rs.221620/-

    As per ownership, we have bifurcated the Interest & Principal in between to
    get the tax benefit.

    Details Son Father Total Cost
    Share of each party in ownership 31.15% 68.85% 100.00%
    year 201213
    Interest Component 69043 152577 221620
    Principal Component 22400 49500 71900

    You are requested to let us know is it ok?

    Thanks & Regards,

    Bhuvnesh Maheta
    +919376038883

  58. SANKAR says:

    sir,
    please clarify about the tax excemption under section 24 of income tax act,for a fully let out,co-owned ,purchased property by bank loan

  59. ARUN says:

    Hi,

    I am working with a Private Co & lives in Lucknow. i have taken Home loan from HDFC bank & paying EMIs. I am living in the accomodation against which I have taken loan.
    My office finance dept is not allowing home loan income tax benifit under sec 24 saying that as per Income Tax Acr, this is not applicable on self occupied accomodation.
    Can you pl eleborate.

  60. Rani says:

    sir
    i Like to know a basic thing about the HUF, A FAMILY is consisting of two brothers( HINDU) , having ancestral land and building from which they derive income , now they want to create a HUF FILE , ON THE BASIS ON ancestral land on inheritance,not by division, they hold entire property jointly because now father is no more, can they create HUF WITHOUT GETTING THEIR PROPERTY DIVIDED BETWEEN THE TWO BOTHERS.

  61. Rani says:

    if a man owns two houses at a time, can he claim deduction u/s 24 i(vi) from both house as interest paid upto 1.5lac , if it is situated in the same city, as well as in 80c , he is living put side the city

  62. kishen says:

    I have availed Housing loan from Nationalised bank.Total repayment on my loan per year will be Rs 1,10,000(Includes Principal and Interest)
    My current savings in 80C is more than one lakh.Is it possible to claim Rs 1,10,000 for tax rebate????

  63. govindarajulu says:

    If husband and wife both owns a house in individual names and buys a house in joint names again what will be status on tax rebate eligibility if any one pays the repayment instalment and interest?

  64. R Singh says:

    If a person owns a plot in a society and and the share certificate in his name alone and if he wants to devide the share amongst his 2 sons and his wife giving them 25% share and keeps the bal 25 % in his own name will this share transfer cosiderded as agif t to his family and will will it attract gift tax or will there be any stamp duty payable on this transfer.

  65. Nitin Goyal says:

    Just to have one clarification regarding joint ownership of house given on rent….Will it not be considered as AOP (with determined shares) and treated as a separate entity for tax purposes.

  66. christy says:

    Sir,

    I am jointly applying for a Home loan along with my mother. However, the property is in her name . I am paying back the loan.

    Can I avail tax exemption ?

  67. HARI C says:

    If the House Property is owned by two persons jointly, then deduction will be available to them if there is loan repayment, irrespctive of the account from which paid

  68. balaji says:

    I have home loan in joint name but the property is in the name of my spouse. Can we a?vail the benefit of sec 24. Please clarify

  69. csk says:

    What will be the tax benefit if a father and son get a home loan in joint names. Whether both of them can claim the benefit under Section 80C ( Under Rs.1 lakhs) and the interest upto a maximum of Rs.1.50 lakhs.

  70. sravan says:

    owner of some x but repayment x & y can claim income tax benefit both

  71. Asha says:

    What is the benefit under IT rules if one of the spouse owns the plot (land) but Housing Loan for construction of a house is taken jointly by them from a Bank. But EMI will be going from one of the Spouce account. Can both the members can claim benefits under IT Act?

  72. anil natani says:

    mai ek house purchase kar raha hu. maine agreement meri wife ke naam se kiya hai, lekin loan me meri wife ka name first hai. sari emi mere account se mai doonga. kya ab mai registry mere naam se aur meri wife ke naam se kara sakta hu, kyonki mujhe tax benefit lena hai. kya mai aisa kar sakta hu. bank walo ko koi objection to nahi hoga. yadi maine meri wife aur mere naam se registry kara li to koi problem to bank ko nahi hogi ?

    Please reply immediate chahiye, kyonki 1-2 days me registry honi hai

  73. d singh says:

    What is the benefit under IT rules if one of the spouse owns the plot (land) but Housing Loan for construction of a house thereon is taken jointly by them from a Bank. Can both the members can claim benefits under IT Act?

  74. P.Vasudevan says:

    I have a home loan jointly with my wife as co-borrower, who is unemployed. Presently I am retired and the EMI payments are being met by my son through my SB Account, which comes to around Rs.1 lakh. However, obviously he cannot claim any rebate. Expert opinion is sought on (1) can I make my son a co-borrower now (2) if no what are the methods through which he becomes entitled to get rebate on the loan paid. The bank feigned ignorance of any such practice and advised me to consult a chartered accountant. THANKS

  75. Lakshmi Das says:

    Dear sir, I need a tax clarification. My husband owns 2 house. One is in Bangalore which is self-occupied by us and the other house is in Guwahati which is under construction and the possession will be received by this year end. The tax principal of 1L and the interest portion of 1.5 L is totally fulfilled by the Bangalore house loan. Is there any way that we can claim deduction for the other property in Guwahati also. Please suggest.

  76. S.Lakshminarayana says:

    Educative and highly informative

  77. S.Lakshminarayana says:

    Reqired clarififaction .If a person has constucted a house already about 25 years back by availing income tax benifits and wants to constuct a house on the first floor by availing a housing loan , will he eligeble for income tax benifits for repayment of loans.

  78. Sham says:

    Dear Tax Guru,

    Thanks for very good information. I have an question. As per my understanding two houses can be bought by one person (one self-occupied and other let-out). Can we buy three houses jointly where I am paying the loan for 2 houses fully (100%) and third one is paid by my wife fully (100%). Registration do not reflect the share of both, but if there is any legal process where we can register our share and claim separately. Please mail me if you need more information.

  79. Raju says:

    Dear Sir, I am working as Software Engineer and I took home loan on joint acount i.e myself is the first applicant and second applicant is my wife. my wife is not an employee just house wife. I registered the property on my wife’s name. when i submitted the loan statement in my orginastion, they are not accepting it. the reason they saaying is that the property is not registered on my name. can you please clarify this.
    thanks for your help.

  80. Narendra says:

    Can brothers (2) claim the interest rebate of 1.5 lakhs each for a property bought with equal share.

    thanks for help.

  81. naren says:

    joint home loan installment paid by 3 persons apx.10 lac p.a. each individual can take benifits for interest of 1.50 lac each=4.5 lac and principal 1 lac each=3 lac in that single flat owned by all three?

  82. KAUSHIK SHAH says:

    IT IS GOOD CIRCULAR FOR SAVE MONEY

  83. vaibhav says:

    what if an individual is a salaried person in mumbai and has a self owned house in Rajasthan used by his parents and he has taken a home loan but he also gets HRA . please guide what are the consequences

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