80c & sec.24 - house property income conditions

Jyothis (Article) (1127 Points)

27 March 2016  

1) A residential property was constructed by a Husband (Director of a (P)Co.) & Wife (Employee of same Co.) - Registered Owner of House property : Husband & Wife.

2) A loan for construction was taken by both in Joint Account (eligible for deduction u/s 80C & Sec.24)

Principal repayment due - 4 lacs & Interest due  - 5.2 lacs (During FY)

3) Property was let out to Co. : Rent Deed B/w Co. & Husband Only (Director)

Query is regarding Income Tax deductions

Wife

No house property income : Can she claim 80C & Sec.24 - Is there any specific condition regarding House property income.

How well one can utilise deductions b/w hus & wife in this case.