Housing loan repayment by spouse

[Ashish Shivhare]

if housing loan repaid by the spouse. can claim it deduction of repayment and interest

[Dhirajlal Rambhia]

Who is/are owner of House property?

Who are loan borrowers?

[Ca Parth Pitalia]

Payment can be made moreover If it is a Joint Loan then only tax benifit will be available.

[Eswar Reddy S]

Few cases laws are there on this. Deduction can be claimed even if it is paid by spouse if the spouse is not a tax payer

[Naman Mamania]

A related question to Clubbing provision, if I gift my spouse money via bank transfer and both invest equally towards buying a property. What will be the tax implications on selling of such property

Do i have to pay the entire capital gains tax or will it be split as the share of ownership

[sabyasachi mukherjee]

House in whose name?
loan taken in whose name?

[Naman Mamania]

Suppose property worth 1Cr u gift my spouse 50L and have 50L balance with me in bank
no loan taken
now we both pay 50L each and acquire the property
ownership is 50% 50%
my question is on selling the property in future
will i have to bear the entire capital gains under the clubbing of income provision
or both shall be liable to pay capital gains as per their share

[Ashish Shivhare]

House purchase by A
repayment by A & B both . B his wife

[Dhirajlal Rambhia]

As B is not co-owner of the house, B cannot get housing loan deduction under IT act.

[CA. Chikkerur C R]

owner can claim expenses no matter who paid

[Eswar Reddy S]

A can claim full deduction

[Income Tax Wala: (Fin. Expert)]

Originally posted by : Naman Mamania
	Suppose property worth 1Cr u gift my spouse 50L and have 50L balance with me in bankno loan takennow we both pay 50L each and acquire the propertyownership is 50% 50% my question is on selling the property in future will i have to bear the entire capital gains under the clubbing of income provisionor both shall be liable to pay capital gains as per their share

Its a tricky question. Well done

 

See in this case entire capital gain i taxable in your hand. but first we compute LTCG in wife hand and if any taxable income generates. than that income is clubbed in husband hands. Because husband had gift 50 lac to wife. 

 

See there is tax planning in this part to avoid tax liability. send message me personally. 

[Eswar Reddy S]

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