Housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2011 LOan is on joint name husband & Wife, but EMI is paid by Husband. So deduction can be taken 50-50 or the Husband will take the benifit of deduction. Loan is taken before 5 year from that time husband is taking benifit. but now they want to change in to 50-50. so they can they change & take the benefit 50-50. even EMI paid by husbands A/c.

CA Aditya Goel

CA Aditya Goel (Expert)
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29 July 2011 If the Husband is paying EMI from his personal account then only Husband can claim. if both are paying their respective part or the EMI is being paid via Joint account then both can claim proportionately.

Dear Experts plz correct me if i am wrong.
Thanks.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 July 2011 Aditya, you have replied nicely.

If both are desiring to claim deductions-
Unse Kah Do Ki-

Payment should be made by both. In the eyes of Income Tax both are separate assessees and both have to fulfill the requirement of the act. Internally husband may extend a loan to his dear wife by cheque.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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30 July 2011 It depends on the ownership. If the house is in the name of the husband then only the husband. If the house is jointly owned then on what basis the loan has been sanctioned by the bank is to be looked into. What is the income of the wife. Just because only name of the wife is included without any investment then no deduction can be claimed in the hands of the wife. Moreover the husband is paying the EMI. All these are to be considered before any deduction is taken in the hands of the wife

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2013 IF RENT RECD FROM JOINT PROPERTY THEN INCOME CAN BE CONSIDERED IN WIFE A/C

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 July 2013 Income may be taken away by wife but it will be considered in the proportion of share in co-owned property.
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