Dear Ashal sir,
I have one query about the Income Tax Treatment of the Joint Hosing loan for the case where Husband (H) is the sole owner of the house and Wife (W) is Co-borrower (not co-owner) in the loan (Wife is added to loan to increase the loan eligibility only)
1. Here If Husbund(H) is paying full EMI, Will Husband be eligible for the full deduction u/s 80 C for the total repayment made by him, will Husband be eligible for the full deduction u/s 24 for the total interest payment made by him ? as he is the sole owner and sole repayer of the EMI (Principal + Interest)
2. Will there be any amount not eligible for tax deduction for the payment made by the husband?
I try to get resolve my query of situation where wife is added only for the increasing loan eligibility, wife is not the co-owner as well as not paying a single rupee for the loan+Interest repayment.
Pl. help what would be the tax deduction treatment.
Is any agreement of the repayment liability with the wife has to be made for claiming total payment as tax deduction in the hands of husband.
pl. provide the course of action for full tax deduction as Husband (H) want to add wife(W) as co-borrower in the loan for enhancing loan eligibility only. (She will not be co-owner). Wife(W) will not pay a single rupee for the Loan & Interest payment. (H) will pay full EMI.
Will (H) be eleigible for the tax benefit as if (H) is the single owner and single borrower?
May pl. reply.