I have taken a housing loan and paying the EMI from my savings account. However, the property has been purchased in my wife’s name. Can I avail tax benefits? -Suresh Shah, Ahmedabad
To avail tax benefit on the principal and interest amount paid on housing loan, you should be the owner of the property; that is, the property has to be in your name. However, you would get the tax benefit through clubbing of income because you have contributed 100 per cent towards the purchase of the house.
