Is Deduction for Home Loan allowed for co-applicant of Loan?

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  1. Moorthyk

    Moorthyk New Member

    Hi,

    I have been working in a corporate and my TDS is done by the company based on the declaration that I submit. Recently I submitted the claim for deduction the home loan interest for the loan available to purchase the property.

    My company rejected the claim saying that the property is not in my name as per the sale deed though I have been the co applicant for the home loan taken and my spouse do not have any income.

    Can I claim the benefit since the loan amount is paid from my bank account and my name is already added as co-applicant of the loan.

    Please guide.
     
  2. Karan Batra

    Karan Batra Well-Known Member

    You can only claim deduction for a home of which you are the owner.

    As you are not the legal owner of the home, therefore you cannot claim deduction in this case.
     
  3. Sunitanit

    Sunitanit New Member

    Dear Sir,


    I am planning to take home loan for second hand flat on my wife name who is currently not working and don’t have any source of income.


    In this case can we claim IT deduction both..? if both are owner.


    My wife is not working, hence don’t have any source of income so can she filed returned and take tax benefit as per IT slabs..?


    In same context, can we have to show second home loan on my existing salary deduction as per IT deduction for home loan.


    Please guide
     
  4. Karan Batra

    Karan Batra Well-Known Member

    Bank will never give a Bank Loan to a person who is not earning any income.

    The bank would require a co-applicant in the above mentioned case.
     
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