I am buying my second house on 80% loan. This loan is to be taken on me and my wife's name, who is a housewife. She is also the co-owner of the flat in the papers. In this deal, I am going to pay the entire EMI for the loan, with regards to this can I claim the entire interest benefit? The entire interest amount against my salary?
Answered on November 08, 2017
The fact that the entire payment for the flat is going to be made by you and also since the EMI is going to be paid by you from your salary, you alone would be entitled to claim the benefit of the payment of interest in your income tax returns and more so since the income of husband and wife are clubbed by the income tax authorities in most cases.
