Rahul Nagpal (Learner) (74 Points)
28 June 2012Does Sec 64 "Clubbing Of Income " applicable if husband repay the housing loan in the name of wife (Both are Income Tax Assesees). Who will take the benefit of Interest on housing loan ? I think it must be the husband to take benefit of housing loan interest as clubbing of income consider the negative income too.
Urgent Reply needed.
CA NEHA AGARWAL
(Practise)
(227 Points)
Replied 28 June 2012
As per Sec 64 Income as well as loss is clubbed.So if the husband is the deemed owner of the house property then he can claim the interest repayments in his return
CA Sripal Jain
(Associate Finance)
(709 Points)
Replied 28 June 2012
HI,,
In order to claim housing loan repayment and interesti,it is necessary the owner must be the person in other words if the husband is not the owner of the property,he cannot claim interest ,as per income tax act,it is ownership which makes you eligible for housing loan and interest even if you pay EMIs of your wife or anyone,house shoud bei n your name
regards
sripal jain
CA Sripal Jain
(Associate Finance)
(709 Points)
Replied 28 June 2012
if the loan is in the name of wife is immaterial,the owner is material
regards
sripal jain
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