deduction of home loan int owed by husband

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  1. madhu angadi

    madhu angadi New Member

    The land is in my husband's name.. we want to take loan from bank for construction of house.. i want to apply as co applicant as i am govt employee.. the property is not in my name..if i applied for loan as co applicant may i get deduction from tax on int and principal? if no then what to be done to get the deduction..whether property is to be gifted to me or made joint? which option is good?
  2. rudrabose

    rudrabose Active Member

    It would be better your husband could gift a part of the property to you so that you both become Joint owners and then you both can take a Joint Loan for Construction.

    In this case, deduction for both Interest as well as Capital would be allowed.
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