New Delhi, May 24 -- I have bought a residential property with my wife by taking a joint home loan. I am the only one repaying the loan. We have let out this house. The rental agreement is made in the name of my wife, and the rent is credited to my wife's bank account. We stay in a rented house, paying Rs.15,000 per month. How can I save income tax in this situation?

I am a salaried employee and receive HRA from my employer. It is apparent that the down payment of the house was funded by you, and the EMIs are also being paid by you alone, and therefore, you alone are the beneficial owner of the property.

So the rental agreement and income should have been taken into your bank account, logically. The rental income cannot be taken into he...