Tax rebate in case of housing loan
swami nath (41 Points)
03 December 2019Am I eligible for tax rebate on housing loan?
swami nath (41 Points)
03 December 2019
Kapadia Pravin
(17264 Points)
Replied 03 December 2019
swami nath
(41 Points)
Replied 03 December 2019
rama krishnan
(12244 Points)
Replied 03 December 2019
Pankaj Goswami
(CA-FINAL)
(422 Points)
Replied 04 December 2019
CA. Rohan Somani
(Chartered Accountant)
(94 Points)
Replied 22 January 2020
As per Section 22 House property should be OWNED by the assessee. Owner can be legal or Beneficial owner. However, cash is transferred to spouse and they purchased property from this amount, the transferor shall NOT BE DEEMED OWNER.
Therefore, in this case husband can not claim Interest paid by him for house property.
However, Section 64 may be seen for clubbing (if applicable). One may note that Income as well loss both are to be clubbed.