Home loan Coborrower Tax Saving

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  1. Sumiseth

    Sumiseth New Member

    Dear team ,
    Namaskar.
    My querry relates to tax saving for home loan co- borrower.

    I and my wife have jointly taken a home loan and both of us are earning members . We have bought a property but the same is only in name of my wife . that is the property owner is just one person .

    I transfer a part of the EMI amount to her account from where the repayment is done . this is not a joint bank account .

    Please advise if as a co-borrower and a co-repayer can I take income tax benefit on Home loan repayment.
    Please advise.
    Regards Sumit Aggarwal
     
  2. CA Umesh Agarwal

    CA Umesh Agarwal New Member

    Dear Sumit,
    Namaskar
    Sorry to say, but you are not elogible to claim any tax benefit out of this home loan repayment.

    Regards,
    CA Umesh Agarwal
     
  3. Karan Batra

    Karan Batra Well-Known Member

    To be eligible to claim deduction for home loan, you should be a co-owner of the property as well.

    As you are not a co-owner of the property, therefore you cannot claim the deduction
     
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