Can husband claim IT benefit on wife property?

If you are wondering

can husband claim tax benefit on wife property, then let me tell you

if you have purchased a house in the name of your wife then only she can claim IT benefits on the property. Whether it is claimed under section 80C or section 24 of Income Tax, an individual in whose name the property is registered can claim the benefits while filing income tax returns.

Can husband claim IT benefit on wife property?

Unfortunately, the answer is No. If you are a joint owner of the property then you can claim for tax exemption but if the property is in your wife’s name, you cannot claim such exemptions. Luckily my uncle got his loan sanctioned but he very well knew these aspects and thus never opted for tax exemption.

What are the criteria to claim the property’s tax benefit?

• You must be the property’s owner in order to be eligible to claim tax benefits for a home loan. It happens frequently that a loan is taken jointly even though the borrower is not shown as an owner in the property records. You might not be able to make a tax advantage claim in such a situation.

• According to the loan documents, you must be both an applicant and an owner. The tax advantages will not apply to owners who are neither borrowers nor make EMI payments.

Legal peace of mind crafted by NoBroker's trusted experts. Read More: How To Reverse Excess ITC Claimed in GSTR 3B Can You Claim HRA for Rent Paid in Another City 2023? How to claim HRA if not mentioned in Form 16? 

Sometimes only one of the couple, the husband or the wife is qualified for a loan, but the amount of the loan itself might not be enough. In this situation, you can choose to take out a joint loan and repay the amount over time. Shared home financing comes with many benefits. So if you want to know about the joint home loan with non working wife tax benefit, keep reading.

Know how can you claim tax benefits from the experts at NoBroker.

Can you claim tax exemptions for a property in wife’s name?

You are not eligible to get any tax benefits in relation to EMI payments because you do not meet the condition of being either a single or joint owner. You would not have been able to claim these deductions even if you had paid the EMIs personally or compensated your wife for them.

If your wife rents out the purchased property, she can deduct the whole amount of interest paid on the loan. Additionally, each of you may deduct up to 2 lakh rupees from your income for interest payments on your home loan under Section 24. 

You are now aware of a joint home loan with non working wife tax benefit.

Get a home loan at the cheapest interest rates via NoBroker here. Read More: Can husband and wife both claim home loan interest? Can a husband claim the wife’s property after death? Can the husband take a home loan on wife's property?

Everyone wants to pay the minimum tax possible and that is totally justified but one cannot escape the eyes of the law. If you are failing to give tax timely or are neglecting many charges and paying low tax, you can be in big trouble in future. It is thus advised to pay all the taxes as per the norm within the due time. In several cases it has been observed that a husband buys a property on his wife’s name to pay lower tax as much as possible. Now if a property is in the wife's name, there ought to be a question,

can husband take home loan on wife property? Then the answer is Yes. My uncle got the loan sanctioned but of course there were some criterias as well. Now relating to such cases, there are several other questions as well and I am here to answer them all. 

Who can avail home loan then?

If a husband wants to take home loan on wife property, he has to sign in as home loan joint applicants. Either your wife can opt for a home loan or you both can. The husband himself only won’t be able to avail the home loan since the property is not registered in his name. If he is co-owner, then he can opt for Home Loan. My uncle opted for a home loan as a joint applicant with my aunt and thus he was given the loan. In fact, if he had been the co-owner, he would have got sanctioned for this loan as well. I got to know more details about this aspect so let me answer as many questions as possible here. 

Can husband claim tax benefit on wife property?

There are many people who buy a house in the name of their wife and want to know

can husband claim tax benefit on wife property, and the answer, as Nimish Ji said, is of course NO. Only the wife can claim tax benefit in that case since she is the owner of the property. If the husband is a co-owner, then he can claim it. 

Avail NoBroker Home Loan and fulfil your wish of getting a house for your own soon.

I hope now you understand can husband take home loan on wife property or not.

Read More:

Can Husband Take Home Loan On Wife Property?

How Many Home Loans Are Eligible For Tax Exemption?

How Much Home Loan Interest Is Exempt From Tax?

There are various tax rebates which can be claimed especially if you have taken a home loan. According to the Section 80C of Income Tax Act you can get tax rebate of Rs. 1.50 lakhs per annum on home loan principal and stamp duty registration charges. While for home loan interest tax deductions allowed under Section 24, Section 80EE, and Section 80 EEA allow exemption of upto Rs. 3.50 lakhs per annum. Many times it so happens that husbands buy property in the name of their wives to enjoy lower interest rates and registration charges among many other benefits. In such a case there is one question that lingers on: Can husband claim IT benefit on wife property? I am going to address this here. Read on and know. Can I get a tax rebate on my wife’s property? If you and your wife are co owners and have joint property then each one of you can claim tax benefit as per your share in the property loan repayment or interest repayment. The limits for claiming tax benefits in case of joint ownership are as follows:

• In case of a self occupied property, each co owner (co applicant in the home loan) can claim maximum deduction of Rs. 200000 for interest on home loan in their ITR
• The co owners can claim deduction of maximum Rs. 200000 as loss from house property in case of rented property.

So, to answer your question: can husband claim IT benefit on wife property? Unfortunately, NO!