whether husband can claim the inetrestu/s 24 on loan raised in the name of wife to construct the house property where wife has no income. quote judemnents if any in the matter
3 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 24 November 2011
No way.
Owner of the property only shall claim the deduction also. If income is clubbed in your hand, it can be deducted.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 24 November 2011
if wife is the joint onwer then only wife can claim int u/s 24 by furnishing return of income even when she doesnt have any income and not the husband as the words used for claiming exp under sec 24 is in relation to "assessee" and only wife to the extent of her share in the joint property can claim the alloable exp.
eg if she is 50% owner then from the total intrest paid by wife only 50% is allowed .
Pls wait for other members to comment on the issue raised and correct me if i am wrong.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 25 November 2011
if wife has no income, and not assessed to tax, then how did she got eligible for a bank loan?
if husband want to avail sec 24 deduction, then he should include his name in loan agreement and pay the installments from his taxable income, then only he will get entitled to claim the same.
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