Deduction of principal amount of housing loan and interest
This query is : Resolved
02 January 2016
Hello Friend
A person repaying a principal amount and interest on loan of housing property. but loan was taken with the name of Mrs. vinod devi and her husband moolchand jontly. bcz moolchand have pension income and vinod devi have no income. during the financial year vinod devi sold a housing property for rs. 30 lacs (FY 2014-15) (Indexed cost of acquisiton is 16 lac) and purchased new housing property for rs. 15 lacs.
I am facing following problem
1. EMI of housing loan was repaying from saving account (this saving account is joint with the name of 1. mool chand 2. vinod devi) then who will take the deduction of repayment of principal amount u/s 80c and interest amount under income from housing property.)
2. Rs. 30 lac was received from sale of house property was also received in joint saving account with name of 1. moolchand and 2. vinod devi. Although the first holder is moolchand but income of vinod devi is also deposited in this account bcz she also joint holder. My question is that if this case select for scrutiny u/s 143(2) then A.O. will accept that rs. 30 lac is related to vinod devi not moolchand.
A person repaying a principal amount and interest on loan of housing property. but loan was taken with the name of Mrs. vinod devi and her husband moolchand jontly. bcz moolchand have pension income and vinod devi have no income. during the financial year vinod devi sold a housing property for rs. 30 lacs (FY 2014-15) (Indexed cost of acquisiton is 16 lac) and purchased new housing property for rs. 15 lacs.
I am facing following problem
1. EMI of housing loan was repaying from saving account (this saving account is joint with the name of 1. mool chand 2. vinod devi) then who will take the deduction of repayment of principal amount u/s 80c and interest amount under income from housing property.)
2. Rs. 30 lac was received from sale of house property was also received in joint saving account with name of 1. moolchand and 2. vinod devi. Although the first holder is moolchand but income of vinod devi is also deposited in this account bcz she also joint holder. My question is that if this case select for scrutiny u/s 143(2) then A.O. will accept that rs. 30 lac is related to vinod devi not moolchand.
02 January 2016
House repayment deduction can be taken u/s 80c in income of the person who is repaying,however interest portion is limited to ownership share.
further sale deed would be relevant evidence for showing AO that sale receipts is of vinod devi.
further sale deed would be relevant evidence for showing AO that sale receipts is of vinod devi.
Message likes :
1 times
02 January 2016
is it right practice that in a saving account joint holder do the transaction although first a/c holder is another person
02 January 2016
It is not a right practice as sale of immovable property is reported in AIR and ao can issue the notice on both the assessee so it is advised not to repeat the same.however in adjudication it would be easy to prove on the basis of sale deed.
02 January 2016
it is a case of clubbing of income.
since there is no source of income for vinod devi and moolchand is paying all the expense. you can do clubbing and show whole amount as deduction with mool chand.
since there is no source of income for vinod devi and moolchand is paying all the expense. you can do clubbing and show whole amount as deduction with mool chand.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
