HOUSE LOAN REPAYMENT AND INTEREST
This query is : Resolved
09 January 2008
Dear sir
In my case House loan taken by Wife and House in the name of Wife but repayment by husband as a guaranter
so please tell me repayment of loan allowable to husband OR NOt in section 80C
Rajesh
In my case House loan taken by Wife and House in the name of Wife but repayment by husband as a guaranter
so please tell me repayment of loan allowable to husband OR NOt in section 80C
Rajesh
09 January 2008
The Owner of the house and the borrower should be one and the same person. Both husband and wife can own the house and they can borrow money jointly - in which case both husband and wife can claim interest.
in the instant case husband cannot claim interest .
in the instant case husband cannot claim interest .
09 January 2008
Hi Rajesh,
The basic issue on the accountability. There is an asset in the name of your wife and if the liability is shown in your books then there isnt any accountability. If you make an agreement with your wife sharing a part of the house equal to the amount of loan, you shall qualify to claim interest and principal payment on the home loan. Department shall not restrict you of any transation provided the accountability is justified.
Rgds/
Vineet
The basic issue on the accountability. There is an asset in the name of your wife and if the liability is shown in your books then there isnt any accountability. If you make an agreement with your wife sharing a part of the house equal to the amount of loan, you shall qualify to claim interest and principal payment on the home loan. Department shall not restrict you of any transation provided the accountability is justified.
Rgds/
Vineet
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