Housing loan repayment by spouse
Ashish Shivhare (Advocate) (59 Points)
12 February 2023
if housing loan repaid by the spouse. can claim it deduction of repayment and interest
12 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177818 Points)
Replied 12 February 2023
Who is/are owner of House property?
Who are loan borrowers?
Ca Parth Pitalia
(4 Points)
Replied 12 February 2023
Payment can be made moreover If it is a Joint Loan then only tax benifit will be available.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 February 2023
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
(22 Points)
Replied 13 February 2023
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
Do i have to pay the entire capital gains tax or will it be split as the share of ownership
sabyasachi mukherjee
(27574 Points)
Replied 13 February 2023
House in whose name?
loan taken in whose name?
loan taken in whose name?
Naman Mamania
(22 Points)
Replied 13 February 2023
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
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
(Advocate)
(59 Points)
Replied 13 February 2023
House purchase by A
repayment by A & B both . B his wife
repayment by A & B both . B his wife
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177818 Points)
Replied 13 February 2023
As B is not co-owner of the house, B cannot get housing loan deduction under IT act.
CA. Chikkerur C R
(PRACTICE)
(3584 Points)
Replied 15 February 2023
owner can claim expenses no matter who paid
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 22 February 2023
| 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.
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