My wife is 53 Yrs of age. She is in 30% Tax bracket and just has only 80C exemption. Though house property is in my name, the loan given by bank is in her name. Can she claim home loan benefits? Any other tax exemption options? Can she take NPS? Request for a detailed reply.
Ans: A person should be owner or co-owner in the property to claim deduction and avail tax benefits. Many banks prefer having a co-borrower, even though the co-borrower is not an owner as per the property documents. In such a case you would not be able to claim tax benefits.
You may evaluate her paying a rent to you and claiming HRA. You would need to add the rental income in your IT return. (There is a deduction of 30% of Rental Income which you can claim).
Apart from this, she can avail NPS, medical insurance premiums deduction -80D for family and parents in general to avail tax benefit.