Samhita Dutta (Sr. Technical Associate) 21 July 2011
Hi,
I have an house for which I am paying EMI and the loan is only in my name. Now my husband wants to buy a flat and the bank is insisting in having a co-applicant for the loan.
My question is , if the house will be registered in my husband's name and he will be paying all the EMIs and i will be a joint loan applicant, then do i need to pay tax for the house that my husband is going to buy because i am a co-applicant?
Please advise.
Thank you.
Samhita
A V Vishal (Advocate) 21 July 2011
"My question is , if the house will be registered in my husband's name and he will be paying all the EMIs and i will be a joint loan applicant, then do i need to pay tax for the house that my husband is going to buy because i am a co-applicant? Please advise."
No you need not pay any tax on that house
Vineet (Director) 04 August 2011
If the new house is being funded entirely by your husband, you need not to pay any tax. You will also not be entitled for any benefit for interest paid on housing loan.
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