03 August 2013
Hi frnds, Kindly help me with an issue. A person & his spouse had taken a housing loan from a bank. The house was purchased in 80:20 ratio. The loan was taken in joint names with no ratios specified. However the full repayment is being done by husband from the very beginning. Now can he claim full loss on HP or it is mandatory that he can claim only 80% of interest paid and same thing with respect to Housing Loan installment for 80C purpose? Please guide.
03 August 2013
First manage the Individual Balances in respect of the Cost of the flat. How it is being met ? according to the share , please arrange. . You can claim proportionate benefits in wife , if she is required to pay the loan installment looking to the cost contribution being met by the co-owners. . If the loan represents only husband's contribution in the property, he can claim full benefit. .
02 September 2013
On the basis of which document you have determined the share of 80:20? Do you have any internal agreement between you and your wife? If yes then have you filed this document with the bank for procurement of housing loan? If there is no document executed then the share shall be determined on the basis of investment made by you and your wife and this can seen from the individual Balance Sheet as prepared and submitted to IT as well bank.
On the basis of either agreement or Balance Sheet basis you can claim the deduction in your hand as well as in the hands of your wife.
As regards 80C this is to be claimed on the basis of payment made by you and payment made by your wife. If you have paid a part for your wife then that part can be claimed by you in your hand but in future you should be careful in making the payment of 80C on the basis of Policy. If your wife's income is less and you have taken 2 or more policies then on one policy you can make the payment and claim it accordingly
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