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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 If the owner of a house property is a wife, but the housing loan taken for the said property is in the name of the husband and wife both, can the loss against the interest paid against it and the repayment done be claimed under the head IHP and U/s 80C respectively both by the husband and wife in the ratio of 50:50?

Guest

Guest (Expert)

08 December 2011 Pls mention who is paying EMI ?

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 EMI is being paid from the joint account of husband and wife.

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Guest

Guest (Expert)

08 December 2011 That joint account for IT purpose in shown in the books of husband or wife or 50% of closing balance as on 31st march is shown in both books?

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 The joint account has been opened in the period 2010-11 and the housing loan is also taken in the said period and now the Returns for the said period are to be filed of both husband and wife. In my opinion the deduction of housing loan must be allowed to the assessee who is the owner of the house and has taken a loan against it. But i am confused whether an assessee can take that deduction just because the loan is taken in the joint name and the EMI is being paid in the joint account as well?

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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09 December 2011 The question of taxing income from house prop arises only if one owns a property which is not the case then how can deduction be claimed

CA MANOJ GUPTA
JODHPUR
09828510543

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Guest

Guest (Expert)

09 December 2011 Since wife is owning the house property IHP will be taxable for her. She can claim 100% deduction for amount of interest and principal paid.

Moreover It is immaterial whether interest has been actually paid or not during the year for claiming deduction under section 24. Amount is interest payable is allowed as deduction.

Best Regards

Neha Jain

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Querist : Anonymous

Querist : Anonymous (Querist)

09 December 2011 Ok. But since the payment is being made from there joint account than what effect should be taken thereafter?

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Guest

Guest (Expert)

09 December 2011 Just show that amount of joint bank account in wife balance sheet.

Thanks, Neha

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