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Spouse not working, can home loan interest as part of 24 b can be claimed in itr for this fiscal

02 April 2019

Hi,

I and my spouse are co-owner of our property and due to some unavoidable circumstances, she is not working currently. My query is whether can she claim the benefit for 24B as part of the interest payable to the bank as part of the fiscal year 2018-19. Please provide thoughts on this.

Regards

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13 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 02 April 2019

yes she can since she is the co-owner
does she has any taxable income in ty 2018-19.

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RAJA P M ("Do the Right Thing...!!!") (128075 Points)
Replied 02 April 2019

Yes... She can claim.

rama krishnan (12234 Points)
Replied 02 April 2019

yes she can claim and if she doesn't have any taxable income, she can carry forward her loss from house property up to 8 assessment years

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Ravikant Sharma (IT) (21 Points)
Replied 04 April 2019

no, she is not working for last 2 years. I missed this last year so wanted to confirm whether she can claim the 24B. One more thing will she be eligible for 80C deduction on the principal amount, since she is not working currently from last 2 years?

Ravikant Sharma (IT) (21 Points)
Replied 04 April 2019

Originally posted by : Giridhar S Karandikar
	yes she can since she is the co-owner does she has any taxable income in ty 2018-19.

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Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 04 April 2019

is she planning to start work .if not then you can claim both interest and principle and save tax. else she can claim

Ravikant Sharma (IT) (21 Points)
Replied 04 April 2019

Originally posted by : Giridhar S Karandikar
	is she planning to start work .if not then you can claim both interest and principle and save tax. else she can claim

last financial year she hasn't worked anywhere, so that means she can claim both principal and interest for the ITR filling this year for the last fiscal year. Am I correct?

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 04 April 2019

she can claim interest and carry forward the loss for 8Years. but if she doesn't has any income then she cannot claim principal deduction under 80C

Ravikant Sharma (IT) (21 Points)
Replied 04 April 2019

Originally posted by : Giridhar S Karandikar
	she can claim interest and carry forward the loss for 8Years. but if she doesn't has any income then she cannot claim principal deduction under 80C

Thanks Giridhar for the information. Interest claim is good rather than cannot claim anything. Thanks for your help again

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 04 April 2019

you are welcome. but note that the loss on account of interest carried forward can be claimed only against income from house property and no other head.
inter head set off is available only in the initial year when it's incurred and not on carried forward loss

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Ravikant Sharma (IT) (21 Points)
Replied 04 April 2019

Originally posted by : Giridhar S Karandikar
	you are welcome. but note that the loss on account of interest carried forward can be claimed only against income from house property and no other head.inter head set off is available only in the initial year when it's incurred and not on carried forward loss

can you please elaborate on this, as I understand that she can claim at the loss from house property where we get 24B. Is the inter-head is the one which relates to the stamp duty and other expenses.

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 04 April 2019

there are 5 heads of income. inter head means adjustment of loss under one head with other head. like it property with salary income or other sources. do this adjustment is possible only in the initial year when loss is incurred.
stamp duty expenses can be claimed as deduction under 80C in the year if payment.it has nothing to do with inter head.

Ravikant Sharma (IT) (21 Points)
Replied 15 May 2019

Can you please also let me know which form to be submitted for this...whether it be ITR-1 or ITR-2. And what all information to be kept in mind while filling ITR for the year.