When I buy a house with coownership with my wife,can I get 100% tax benefits on home loan myself?



My wife does not intend to apply for home loan and not a IT assessee. Where as she brings in some initial amount to buy the house; I plan to apply for the home loan fully and want to know if I can get 100% of tax benefits even though the home will be registered on joint names.

When I buy a house with coownership with my wife,can I get 100% tax benefits on home loan myself?
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One Reply to “When I buy a house with coownership with my wife,can I get 100% tax benefits on home loan myself?”

  1. No. Take a loan from your wife which she want to invest as initial amount. Invest full amount by your self. You can add your wife as co-owner just for name sake. Both of you can obtain home loan. You will be paying the entire home loan amount from your income. In this case you can avail 100% tax benifits as your wife is a name sake co-owner.

    Otherwise:

    Normally as per share in the property. But if both of you have any agreement between you stating that you should obtain a loan (he will sign as a co-borrower for loan purpose) and the payment of installments were made by you and the loan amount is shown as your investment then it is allowed. In this case you can claim both the benefits.

    More in detail:

    01,00,000 is your investment
    04,00,000 Housing loan to be paid by you.
    ————
    05,00,000 Your investment in house
    05,00,000 is the investment of other party.
    —————
    10,00,000 is the total property. (each 50:50)
    ========

    In the above case you can claim both the benefits.





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