Home loan interest deduction u/s 24
This query is : Open
07 March 2013
Dear Experts,
I have purchased home in joint names with 50:50 share which is mentioned at sale deed.
I am paying the EMI of loan fully. So, can't I claim full deduction of home loan in my name.
If required, other sharing person can give the affidavit or certificate that he/she is not paying any amount of EMI of Home Loan.
Will this serve the purpose??
Regards,
Piyush Goel
I have purchased home in joint names with 50:50 share which is mentioned at sale deed.
I am paying the EMI of loan fully. So, can't I claim full deduction of home loan in my name.
If required, other sharing person can give the affidavit or certificate that he/she is not paying any amount of EMI of Home Loan.
Will this serve the purpose??
Regards,
Piyush Goel
07 March 2013
please refer to the following thread
https://www.caclubindia.com/forum/home-loan-repayment-by-nri-239605.asp#.UThkbKNr_BE
https://www.caclubindia.com/forum/home-loan-repayment-by-nri-239605.asp#.UThkbKNr_BE
08 March 2013
Piyush.
I could not understand which provision you are referring to.
I could not understand which provision you are referring to.
08 March 2013
As you have taken a joint home loan, both of you are eligible for tax exemption for your share of the EMI paid. I assume both of you are co-borrowers as well.
Yes both of the co-owners can the tax benefit as per the share of EMI paid. In your case ration is 100:000, so you can full deduction subject to the limits provided.
It is better to get it documented that you are paying EMI and co-owner is not claiming any benefits for the same.
Yes both of the co-owners can the tax benefit as per the share of EMI paid. In your case ration is 100:000, so you can full deduction subject to the limits provided.
It is better to get it documented that you are paying EMI and co-owner is not claiming any benefits for the same.
08 March 2013
Yes, This Will Serve Your Purpose Subject to Maximum Allowability of Deduction.
10 March 2013
Hello Ayush,
Is there any notification/case in which it is mention that affidavit/certificate from co-owner would serve the purpose?
Kindly revert.
Thanks Piyush
Is there any notification/case in which it is mention that affidavit/certificate from co-owner would serve the purpose?
Kindly revert.
Thanks Piyush
11 March 2013
No Such. But Practically Possible.
11 March 2013
Right. If there is no as such notification/case is exist, so, can't claim deduction because company (tax deductor) won't accept it
11 March 2013
Dear Piyush,
Just to correct one part. Regardless of what tax position you adopt in the given case, the deductor is no final authority to decide the allowability of certain exemption or expense.
If in any matter, you wish to adopt a position, which the tax deductor refuses to accept, you reserve the right to adopt your position in your tax return and claim lower tax liability.
It shall be duty of the AO to decide whether or not your tax position is legal or not.
Just to correct one part. Regardless of what tax position you adopt in the given case, the deductor is no final authority to decide the allowability of certain exemption or expense.
If in any matter, you wish to adopt a position, which the tax deductor refuses to accept, you reserve the right to adopt your position in your tax return and claim lower tax liability.
It shall be duty of the AO to decide whether or not your tax position is legal or not.
11 March 2013
Dear Nikhil,
Agreed. If the law does not permit it. How can AO give the liberty on it??
Agreed. If the law does not permit it. How can AO give the liberty on it??
24 March 2013
Kindly reply
24 March 2013
Piyush,
What I said is that the deductor doesn't have the authority to decide whether the tax position adopted by you is allowed or not.
That right rests with the AO if he decides to scrutnize your tax return. A position whether legal or illegal is decided by AO on the basis of the law as it stood in the relevant year adjusted to judicial pronouncements. Needless to say, AO's decision too shall be subject to review and is appealable.
What I said is that the deductor doesn't have the authority to decide whether the tax position adopted by you is allowed or not.
That right rests with the AO if he decides to scrutnize your tax return. A position whether legal or illegal is decided by AO on the basis of the law as it stood in the relevant year adjusted to judicial pronouncements. Needless to say, AO's decision too shall be subject to review and is appealable.
11 April 2013
what language needs to be written on agreement regarding that one co-owner is not taking benefit and not paying any EMI out of his/her pocket.
04 May 2013
Kindly revert
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 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
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
