I have housing loan jointly with my wife. As i don't want to claim Housing loan principal under section 80 c (I already crossed threshold of Rs.100000), can she claim the full repayment of principal and what about the Interest? Is it 50: 50 both on principal and interest or what?
13 Replies
Harshal
(Article Assistant )
(182 Points)
Replied 24 November 2009
Hi sankaran
In section 80C and section 24(b) it is clearly mentioned dat when a property is jointly owned than for claiming the deduction under both the sections principal as well as the interest amount has to be proportionately taken by the joint owners...
Thus in ur case ur wife cannt have full deduction of repayment of housing loan and it is to be proportionately taken(50:50) in ur case...
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 24 November 2009
I agree with Harshal as that is what is contemplated in the act
CA.SKR
(CA; CS-Final (One Group); DISA (ICAI); Insolvency Professional)
(442 Points)
Replied 24 November 2009
I agree with Harshal.
Dr.A.Sudhakaran
(Lecturer)
(31 Points)
Replied 25 November 2009
sir,
I am subscribing for two life insurance policies of tata aig, which are taken in the names of my son and daughter who are students. The premium are paid out of my salary. Am I eligible for deduction under s80 c for the premium paid? If yes, how can I prove the premium are paid out of my income? What certificate should i produce for this purpose?
SURENDRA MOROLIA
(SERVICE)
(50 Points)
Replied 25 November 2009
Dear Mr Sudhakaran,
Yes , you are entitled for deduction u/s 80 C as you have insurable interest. Since payment is being made out of your income i.e. salary it is sufficient. Premium payment receipt should be enough for working out TDS deductible from your salary for your employer.
Surendra Morolia
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 25 November 2009
| Originally posted by :Dr.A.Sudhakaran | ||
| " | sir, I am subscribing for two life insurance policies of tata aig, which are taken in the names of my son and daughter who are students. The premium are paid out of my salary. Am I eligible for deduction under s80 c for the premium paid? If yes, how can I prove the premium are paid out of my income? What certificate should i produce for this purpose? |
" |
Hi....
Your children are not having any income, from which they can pay the premiums.. So, its very obvious that its u only who has to pay the premiums on thier policy....
So, similarily, u r only eligible for deduction u/s 80
Amit das
(accountant)
(26 Points)
Replied 25 November 2009
| Originally posted by :Harshal | ||
| " | Hi sankaran In section 80C and section 24(b) it is clearly mentioned dat when a property is jointly owned than for claiming the deduction under both the sections principal as well as the interest amount has to be proportionately taken by the joint owners... Thus in ur case ur wife cannt have full deduction of repayment of housing loan and it is to be proportionately taken(50:50) in ur case... |
" |
sanjay
(Practising Chartered Accountant)
(57 Points)
Replied 25 November 2009
I FULLY AGREED WITH HARSHAL BCOZ ACT SPECIFY FOR CLAIMING DEDUCTION YOUR WIFE CAN CLAIM OF HER SHARE i.e. 50% THEREOF
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 25 November 2009
| Originally posted by :SANKARAN.G. | ||
| " | I have housing loan jointly with my wife. As i don't want to claim Housing loan principal under section 80 c (I already crossed threshold of Rs.100000), can she claim the full repayment of principal and what about the Interest? Is it 50: 50 both on principal and interest or what? | " |
Would u opinion change if provisions of section 64 (clubbing) are applicable in above case?
Regards
Juzer
Recent Topics
- Handling of NRO TDS
- Asset Declaration in ITR2
- CGST/SGST Input tax Classification in Tally Prime
- PREFERENCE SHARES - NBFC
- Vivad se vishwas scheme 2024
- List of banks for tax payments available at e-Pay
- Excess itc claimed then intrest applicable even if
- Financing for Properties and Businesses
- TAX DEMAND STILL SHOWING ON INCOME TAX PORTAL, EVE
- FORM 10 IEA IN Revised return
Related Threads
CAclubindia
