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Sagar Madiwal (Agriculturist)     24 December 2014

Home loan tax benefits for wife

Respected Experts,

This query is regarding getting home loan on a property which is in my wife's name and claiming income tax deductions (principle and interest for self occupied) for the same. Here is the complete history of the property.

1. I had bought an house (sole owner and acquired by my own money) in 2009 which I sold in 2013. I have claimed capital gains exemption as I sold my property  after 3 years of purchasing my property (house).

2. Invested the money in a new property jointly purchased along with my Father-In-Law (he paid some more amount), which was registered in my wife's and Father-In-Law's name.

3. My wife is not having any source of income and she is a home maker. Not filled tax at all in her name.

4. My Father-In-Law gifted his part of the property to my wife through a registered gift deed. All my Father-In-Law's legal heirs signed the same (FIL, MIL and BILs).

4. Now the property is entirely in my wife's name. I would like to go for a home loan and construct a new house on this property.

These are my questions:

1. I would like to claim tax benefits for the home loan that I am going to avail. What are the legal aspects that I have to consider to make sure I can claim tax benefits (principal and interest)?

2. What is your opinion on the above transaction? Could you please advice if I need to take care of any other legal aspect of it?

Your follower,

Sagar



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