23 June 2010
All, (1) I have a house in gwalior in my wife name and i service in gwalior can i pay rent to any other except my wife (2) I have two house in my name and my wife name can i claim housing loan rebate for both house if both house in my name than can i claim rebate or not. Loan repayment in both case paid my me. Thanks
23 June 2010
As per Section 27 of Income Tax Act if you have made the payments for house property and property is on wife's name then also you will be considered deemed owner of the property and hence you can claim interest for both the house but only one house will be considred as self occupied and other will be considered as let out.
23 June 2010
Possesion of the house property is not as important as construction completion. If construction is completed with in 3 years and house property is self occupied in such a case deduction u/s 24(b) will be upto Rs. 1,50,000 but in case of let out it will be upto Rs. 30,000. If construction is completed this year then full amount will be allowed as deduction for interest and amount actually paid will be allowed as principal deduction u/s 80C
24 June 2010
if the construction is complate this year than what treatment in tax and how to justify that construction is complate or not construction is not complate and loan repayment is made in this year
24 June 2010
(1) Generally persons plot taken in wife name and loan getting his own name becouse wife is house wife and thay are in job can a person get rebate in IT Act without ouner of the property. (2) How a Bank / financial institution taken loan without owener of property. Please Reply Soon.
24 June 2010
If house property is in the condition where one can live then the construction will be completed. If construction is completed within a year then the full exemption will be allowed from that year. But where completion take time in that case deduction for prior period will be allowed in 5 equal installments in case of interest but for principal amount deduction is allowed on payment basis. So for principal amount if you paid it in the year then claim the deduction u/s 80C
24 June 2010
yes deduction will be allowed if the property is not on your name. I have already mentioned you that if you are making the payment then u/s 27 you will be considered deemed owner. So the income from house property will be clubbed with your income and at the same time all deduction will be allowed to you.
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