Income from House Property
This query is : Resolved
12 July 2010
Hai Friends,
Please clarify this..........
Wife owns a house property,But her husband has taken a housing loan in his name for the said property.Can he claim the interest payable on the loan in his Income.Please support your answers with tax law provisions.
Please clarify this..........
Wife owns a house property,But her husband has taken a housing loan in his name for the said property.Can he claim the interest payable on the loan in his Income.Please support your answers with tax law provisions.
12 July 2010
Concerned section is 24(b) of the Income tax Act,1961.The benefit can be availed only for computing income chargeable under the head"income from house property". Since husband is not the owner of the house property ,no income is chargeable in his hands ,under the said head of income, and hence he cannot claim deduction for the interest on housing loan.
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12 July 2010
Agreed with Chackrapani Ji,
As a tax planning,
Husband can show Rent paid to his wife and take HRA exemption.
and file wife return seprately in which she claim interest deduction against rent income.
As a tax planning,
Husband can show Rent paid to his wife and take HRA exemption.
and file wife return seprately in which she claim interest deduction against rent income.
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19 July 2010
Please can you give me case laws supporting in this regard?
19 July 2010
There is no case law for supporting it.
But In 99% employee are claiming HRA by paying rent to his mother/father/wife in which name house is registered.
But In 99% employee are claiming HRA by paying rent to his mother/father/wife in which name house is registered.
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