I had purchased two houses worth Rs 18 lakh and Rs 21 lakh, with the help of home loans from HDFC Bank. For the house worth Rs 21 lakh, my spouse is a co-owner, though I am paying 100% of EMI. Now, we are buying a third house for Rs 1 crore. I have repaid my first home loan completely, though the property is not registered due to builder issues. If I buy the third property in my wife’s name, but take the loan in my name, can I claim the interest paid on the loan in the tax return? My wife is selling one plot to pay Rs 30 lakh for this house, which we want to keep in the home loan max gain (overdraft account). My wife’s income is only Rs 2 lakh and she is not eligible for a loan. Adhil Shetty, CEO, BankBazaar: Lenders often insist that the co-owners of a property be co-borrowers as well.
In this case, the lender may ask your wife to be a co-applicant, while allowing you to repay the loan and claim tax benefits. In a regular home loan, you can get tax deductions up to the prescribed sectional limits, but in an overdraft loan, you may not be able to claim benefits against the funds parked in your account.I have two daughters, both of whom are minors, and have their own bank accounts and PAN cards. I invest in the PPF for my older daughter and in the Sukanya Samriddhi Yojana for the younger one, and the money is deducted from their respective bank accounts. Both also have their own demat accounts, opened through Zerodha, under the minor category. They are shareholders as I have purchased and transferred stocks to their demat accounts. I intend to stay invested in promising stocks in their names. I have also opened mutual fund accounts for both of them using MF Utility, and will be investing close to Rs 10,000 a month till
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