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Transfer of property nd income tax

(Querist) 02 June 2016 This query is : Resolved 
Both Husband & wife are salaried employees. They have one house at Delhi. Though there is nothing stated in the deed regarding proportion of ownership, husband claims 92% & wife claims 8% on housing loan for the purpose of Income tax.
Now they have purchased another house at Lucknow in joint name. Here also they have taken housing loan in joint name. No share of ownership is defined. Husband's name appears first & wife's name come later in the Deed. Loan is also in the same pattern.
Husband wants to avail full benefit of Income tax on Housing Loan on the property of Lucknow. He wants to execute some document for Delhi property so that wife will be sole owner & can claim full benefit of Income Tax rebate.
Is it possible? If yes, what will be the procedure.
sanjeev kumar goel (Expert) 03 June 2016
Income Tax exemption on housing loan can be availed for a single home loan only and as you have a house in Delhi in joint name and both of you are already claiming tax rebate on that property then any of you can not claim further rebate on housing loan on second property.
Rajendra K Goyal (Expert) 09 June 2016
Discuss with your tax consultant.


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