Revised returns

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2017 Respected Sir.
I am a salaried person ,I have taken a property loan jointly with my wife, she is housewife .

Can I get the benefit by claiming deduction for home loan interest upto 2 lacs in our individual retns ?and principal repayemnt upto rs. 1.5lakh each in our individual retns? As she is housewife ,she has no income .

If a mistake is made in original return with respect of claimimg deductions of interest for homeloan can a revised retns be filed?The original return was filed on due date.

Urgent Please Thanks.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

09 August 2017 First question: Since your wife is a housewife and as a result there's no income for her, the interest and principal repayment will be done by you. In that case you can claim the interest ,subject to Rs.2 lacs in case of self occupied property and without any limit in case of rented property

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

09 August 2017 Properly speaking, only the person who pays for the loan should claim the deduction

Upgrade to CAclubindia Pro. Subscribe Now!

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

09 August 2017 If the original return is filed within the due date, if the assessment is not complete, you can revise the returns any number of times

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2017 Thanks very much. Great.