CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
09 January 2009HUSBAND AND WIFE BOTH ARE THE OWNER OF LAND ON WHICH HOUSE IS MADE, WIFE HAS NO INCOME .
YEARLY INSTALMENT 1.50 LAKHS
YEARLY INTEREST - 1.75 LAKHS
BOTH INTEREST AND INSTALMENT IS PAID BY THE HUSBAND.
HOW THE DEDUCTION WILL BE CLAIMED?
Koneri Balaji
(CHARTERED ACCOUNTANT)
(120 Points)
Replied 09 January 2009
As there is no income of wife, repayment and interest was considered in the case of husband only and not in the case of wife. Whole repayment and interest can be considered in husband's case. Sec 26 and 27
navneet gupta
(student article assistent)
(53 Points)
Replied 09 January 2009
As wife have no income taxable... wifes share will be clubbed to husbands income if it is let out.
and in your case, i think house is self occupied so, dedution upto Rs 1,50,000. will b allowed to husband only.
.
CA Sudhir Halakhandi
(PRACTICING CHARTERED ACCOUNTANT)
(13401 Points)
Replied 09 January 2009
DATE OF LOAN - APRIL 2008
CONSTRUCTION OF PROPERTY- APRIL 2008
HOUSE - RESIDENTIAL
SELF OCCUPIED
Atul Kumar
(CA)
(504 Points)
Replied 13 January 2009
How is it possible that
Installment is Rs. 1.50 lacs
& Interest is Rs. 1.75 lacs? Interest would be less than Rs. 1.50 lacs as this represents Total Amount Repaid which will be shared by Principal Amount too.
Rajeev
(www.rkmco.com)
(985 Points)
Replied 30 September 2009
deduction of interest u/s 24 and principal u/s 80C will be available to the spouse who has the higher income .
CAclubindia
