To avail tax benefits
durgesh
(Querist) 04 May 2012
This query is : Resolved
Hi, I have taken a flat on my wife's name.(Registration done only on my wife name). But we have taken a home loan on both the name(hasband - borrower and wife - co-borrower). My wife is a house wife. And I am paying full EMI of our home loan from my salary account. Now i would like to get the IT benefit under section 24 (B) of Income Tax (Repayment of home loan), but my employer says they need proof of ownership of property and IT certificate from Bank to avail the benefit.
In this case I have produced IT certificate from Bank which has both the name (hasband - borrower and wife - co-borrower). And Index-II(registration) which contains only my wife name.
Hence I have 2 questions
1. Should I really have my name also in Index-II(registration) to avail the benefit? if yes,
2. Can I do it through gift deed ? if yes, can I do it 10% on my name(husband) and remaning(90%) on my wife name.
I am ready to pay stamp duty and registration charges as applicable.
Please suggest.
Shonee Kapoor
(Expert) 05 May 2012
How could bank give loan to you when the property is not even in your name.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
