HiI purchased a flat in my wife's (sole) name. There is no any income from the flat as it is self o…
Hi
I purchased a flat in my wife's (sole) name. There is no any income from the flat as it is self occupied, but I pay quarterly EMI on the flat.
Can I claim deduction on the EMI (80C on principal portion and section 24 on the interest portion) on the property?
Unfortunately, you can not claim the deduction for principal and interest unless you are at least a joint owner, if not the sole owner of the property.
The question here is, how can your wife avail for housing loan if she has no income?
For clarification:
In the words of the law, in order to avail the benefits under Income Tax Rules, the said housing loan should be in the name of the person who pays its EMIs and not in the name of any other person.
At the very least, it should be a loan in joint names.
Here you say that the housing loan is only in the name of the wife.
So, you aka the husband get no benefit even if you pay all the EMIs on the loan.
