Pehchan (18 Points)
08 November 2008Hi,
I have availed home loan in my name but House is registered is in my wife's name.
All EMI are being paid through my account.
My company is denying Home loan Interest benefits to me. They have concern that i am not the owner as the registery is name of my wife.
When loan is in my name, payments are being made by me. Why can't i get interest benefit.
Shouldn't i be treated as deemed owner for income tax purpose.........
Thank You
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 08 November 2008
Dear Members/Experts,
You query has make me think little more.
Is it possible to get loan in name of person other than registered owner?
Refering to Section 27 clause (i)
1) You have not transfered any house property.
2) No question of deemed owner in case of above clause.
and 64(1) clause (iv),
1) you have transfered an assets (funds in form of Loan principle amount + something you are having of your own funds)
2) if the above funds are invested as per explaination 3 to the above section then the income on such investment will be taxed to the amount as explained in explaination.
I doubt;
1) What will be the clubbing amount?
2) Wether is there any case law on such situation?
3) Does my understanding is true?
Regards
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 08 November 2008
First this situatuon is not possible practical since loan is advanced to the owner of the property.
In Case of Co-owners, Co-Applicants are always co-owners but co-owners may or may not be co-applicants.
Pehchan
(18 Points)
Replied 10 November 2008
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Dear Nitin, Thanks a lot for your reply. Just to let you and others know, there are some complexities involved. As per loan documents, i am primary applicant and my wife is co-applicant. I could take the interest benefit in my wife's return. However, the only issue is that all EMI are being paid trough my account. Which means, even though she is owner, but payments are made by me. In this situation, will she be allowed the income tax benefit????? Kindly let me know what all possible solution available in these circumstances. For your convenience, facts are specifued below- Home Loan: Primary applicant :myself, Secondry applicant: My wife Registery: Only in name of my wife EMI: Charged through my account.
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Hi ,
From April to Aug 2008 I stayed in a rented flat. in month of August I moved to my new flat.
Now my question is can I claim full intrest 1.5 lac 24b and full principle under 80c along with HRA exmption for April to August.
I'm going to attach the rent aggrement along with rent recipts , and also provisional tax certificate from housing finance for year 2008-2009.
Pls confirm , that ,my understanding for Home loan expection is correct along with partial HRA for the same year.
Regards
Ashok
saleemoddin
(php developer)
(66 Points)
Replied 14 May 2009
Yes, you can claim for both. You can calculate your income tax at https://www.payit.in
developed by https://www.mimir.in
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