Deduction of interest on borrowed capital

Jatinder Chugh (Querist) 24 September 2010 This query is : Resolved
If a person buys property in the name of his wife and gets housing loan in his own name and pays instalment from his own account can he claim deduction for interest on borrowed capital u/s 24 or only the onwner i.e his wife can claim the deduction.

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A V Vishal (Expert) 24 September 2010
You cannot claim deduction on the repayment of the loan since the property stands in your wife's name and you are not even a co-owner of the property acquired.

s.subramanian (Expert) 25 September 2010
Yes. I agree.

soumitra basu (Expert) 27 September 2010
I beg to differ. Unless the person is not the co-owner of the property how he got the housing loan from the bank. In this circumstances, the husband is a defacto owner of the property and he should get the benefit since he is repaying the loan from his own source.

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