Latest Answer: If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner. It is always advisable to buy property in the name of wife to get tax benefits.
Latest Answer: And if you dont want to invest in another property, you have an alternate way out. Section 54EC of the income tax act allows you to claim exemption by reinvesting your capital gains in bonds. These bonds are called capital gain bonds and are usually issued by the National Highway Authority of India (NHAI) and Rural Electrification Corporation (REC).
