ranjitkarmakar (service) (305 Points)
21 December 2010me and my wife both are salaried class, my wife purchase a society flat and taken house loan for that but till date she has not received the possession of said flat and we are living in rented flat, my question -
1. Can my wife claim house loan benefit.
2. Can my self claim house rent benefit.
CA ASHISH GUPTA
(FCA, LL.B., MBA)
(390 Points)
Replied 21 December 2010
Only owner can claim the deduction. You are nt the owner, so no question.
Amit Arora
(Service)
(44 Points)
Replied 23 December 2010
For avaiing repayment of interest and principal amount of loan (by ur wife):-
Interest repayment exemption can be availed upto Rs. 150000/- in a year provided the ownership transferred to the buyer and the property must consist of buildings and land appurtenant thereto.
And also, upto Rs. 100000/- repayment of principal amount can be claimed under section 80C as a deduction from GTI.
For availing HRA exemption (by urself):-
Yes, HRA exemtion can be availed by ur goodself provided you have paid rent and duly resided in the same.
CAclubindia
