17 December 2011
House is owned by wife & Housing loan on such house is taken by husband. Whether husband can claim deduction under section 24B under House Property & 80C? If not whether wife can claim above deduction? Please Reply..
17 December 2011
If housing loan is taken by husband than it means house is in his name, and he is repaying the loan so he can claim rebates principal amount U/s 80c (Maximum 1 Lakh)and interest U/S 24B (Maximum 1.5 lakh if self occupied but if he is claiming rent from his wife than no limit, total interest paid can be claimed)
Abhishek Ranjan Singh ARS Solutions email2ars@gmail.com +91 9022838615
Guest
Guest
(Expert)
17 December 2011
1. Since house is owned by wife, Income form house property (IFHP) will be taxable for her not for husband. Only the person for whom IFHP is taxable can claim deduction under section 24B, hence husband can not claim deduction. Moreover wife also can not claim deduction under section 24B since interest certificate will be issued by bank in favor of husband. Hence both can not claim deduction for interest amount paid or payable under section 24B.
2. Now coming to section 80C, principal amount is paid by husband so certainly wife can not claim the amount under section 80C.Husband can claim deduction under section 80C in this case.
17 December 2011
@ Neha ji If Housing loan is taken by husband than how can it is owned by wife. as i think he wants to say that her wife is living in that house.
18 December 2011
Neha Ji Deduction for the principal repayment can't be claimed by both because IFHP tax levy condition, as you mentioned for section 24(b), applies to section 80C(2)(xviii) also.
02 January 2012
I'm still confused... Please give me final Opinion.
Guest
Guest
(Expert)
02 January 2012
1. Since house is owned by wife, Income form house property (IFHP) will be taxable for her not for husband. Only the person for whom IFHP is taxable can claim deduction under section 24B, hence husband can not claim deduction.
Moreover wife also can not claim deduction under section 24B since interest certificate will be issued by bank in favor of husband.
Hence both can not claim deduction for interest amount paid or payable under section 24B.
2. Now coming to section 80C, principal amount is paid by husband so certainly wife can not claim the amount under section 80C.
Husband also can not claim deduction under section 80C in this case since IFHP is not taxable in his hands.
Hence both can not claim deduction for principal amount under section 80C.
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