Can I buy a residential property in the name of my wife who is non-working ? How would the home loan work then ?

Snigdh Chandra,

14th September 2014

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Hi everybody,

If you buy any property in the name of your wife in that case bank shall hesitate as it has to ascertain the repaying capacity. If you buy in the name of wife she shall be the sole owner in such situation you can not apply for the tax exemption.

Abhishke Karule, Mumbai

15th September 2014

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Hi,
In case you are living in the house for which home loan is taken, both of you shall be entitled to deduction in the ratio of ownership on account of interest on borrowed money up to a maximum of Rs. 1.5 lakh individually. If the house is given on rent, there is no restriction on this amount and both co-owners can claim deduction in the ratio of ownership.

Nandakishore, Ahmedabad

15th September 2014

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Hi,
Yes, if your wife is working and has a separate source of income, both of you can claim separate deductions in your income tax returns.The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs.1 lakh individually by each co-owner. But as you have mentioned that your wife is a non-working so she can not claimed for the deduction.

Jyothi J, Ahmedabad

15th September 2014

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