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Can tax rebate be claim on property as joint owner?- Property Hotline
Posted
July 14, 2016
Views
143
July 14, 2016
143
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3:18Now PlayingBe Un Confused
Expert: Pannkaj Ghadiali, Managing Partner at PC Ghadiali And Co LLP.
Question: I bought a property in the name of my wife. Since she is not eligible to pay the loan, I am paying the EMIs from my account. Can I get the tax rebate on her behalf?
Answer: It appears that you have contributed the amount of purchase and the loan is also availed on your credentials. If you have contributed the cost and the agreement is entered in the name of your wife merely for sentimental reasons, you will be entitled to claim interest amount. However, if your name is not added as a joint owner, it will be assumed that the amount paid by you on behalf of your wife is a gift to her and will, therefore, attract clubbing provisions u/s 64. The net result will still remain the same.
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