Income tax excemption for property purchased under mother and wife name

- Wife will be entitled for benefit of interest on housing loan and principal u/s 80C for the share of her repayment of loan. Such benefit is available only under the old tax regime.

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Since the house is in your mother’s and wife’s names, and the loan is taken by you and your wife:

• You and your wife can claim tax benefits under the old tax regime.

• Mother cannot claim any benefit as she is not a co-borrower.

• Interest (Section 24b): You and your wife can each claim up to ₹2 lakh based on your repayment share.

• Principal (Section 80C): You and your wife can each claim up to ₹1.5 lakh on principal repayment.

• Benefits depend on actual payment made and ownership share.