Deduction of housing loan repayment
This query is : Resolved
26 December 2014
ONE PERSON(HUSBAND) HAS REPAID THE HOUSING LOAN WHICH HAS TAKEN IN HIS NAME, BUT THE PROPERTY ,FOR WHICH THE LOAN HAS BEEN TAKEN, HAS BEEN REGISTERED IN THE NAME OF HIS WIFE?
IS DEDUCTION U/S. 80C & 24 HAS BEEN ALLOWED TO THE PERSON(HUSBAND) OR NOT?
& WHAT IF HIS WIFE HAS SUFFICIENT INCOME OR DOESN'T HAVE?
IS DEDUCTION U/S. 80C & 24 HAS BEEN ALLOWED TO THE PERSON(HUSBAND) OR NOT?
& WHAT IF HIS WIFE HAS SUFFICIENT INCOME OR DOESN'T HAVE?
26 December 2014
Deduction will not be allowed when the property is in the name of wife.
26 December 2014
Deduction under section 24(b) will be allowed. The Transaction between Husband and wife Inter loan transaction or it can be treated as gift from relative withing definition of relative under section 56(2)(vii). Both above Treatment have no Income Tax Consequence at all.
Further, meaning of loan doesn't only means taking from someone and then paid to third party but also include paid directly to the third person withing provision of Indian Contract Act 1872
Therefore, Deduction under section 24(b)will allowed to wife on payment made by his husband.
Further, meaning of loan doesn't only means taking from someone and then paid to third party but also include paid directly to the third person withing provision of Indian Contract Act 1872
Therefore, Deduction under section 24(b)will allowed to wife on payment made by his husband.
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- 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
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
