Home loan

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  1. Brajendra

    Brajendra New Member

    I have booked a flat in my spouse name.She is a housewife.Now I want to take a loan for the same.Can I get a loan in my name and registet property in spuse name and get IT rebate.
     
  2. ZED

    ZED Well-Known Member

    It will be advisable to have the property in joint names if interest deduction is sought. For the purpose of the Act, the one claiming the interest should be the one who is owner and who has taken the loan. All three things should be present.

    If only you will be making the payment for the house then you can be treated as the owner and claim interest deduction aswell, but the process is a bit difficult because it would be on AOs discretion to allow it or to not to allow it and for small amount , appeal is not a practical solution.

    You will have to make declaration under Prohibition of Benami Transaction Act, stating that you are the real owner and the money invested is yours and therefore interest deduction should be allowed to you.
    [No standard format, just a declaration on a plain paper will do . Attach the proof of payments to claim that you are the owner.]
     
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