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On 07 January 2025 at 12:10:27
Shashikant Vishwakarma
EmployeeIf a husband buy a flat in the name of wife and makes her the only owner but takes loan in name of him and keep his wife as co applicant in loan. Loan was sanctioned based on husband’s income as wife is not earning.
Is Husband is eligible for deduction in income tax on his income for housing loan for all the sections were ever deduction is available.
note husband is not the owner of property but main applicant in housing loan.On 07 January 2025 at 14:57:27Dhirajlal Rambhia
SEO Sai Gr. Hosp.Due to clubbing of income under income tax act, he will be deemed owner of the house, and as such all the income with deductions, if any; will be declared in the ITR of husband only.
As such he can claim the interest deduction if he pays EMI himself..
Only problem is ITO may not accept it.
On 07 January 2025 at 15:45:08Nor necessarily
On 08 January 2025 at 11:15:38Shashikant Vishwakarma
EmployeeSir can you please support with any case law or section in which it has been quoted as my c&ag auditor is not accepting i have also told him the same thing
On 08 January 2025 at 16:15:14Dhirajlal Rambhia
SEO Sai Gr. Hosp.First clarify how the payment was made, through husband's bank account or through wife's bank account.
On 08 January 2025 at 16:47:32Shashikant Vishwakarma
EmployeeSir husband’s salary account
On 09 January 2025 at 13:04:11Dhirajlal Rambhia
SEO Sai Gr. Hosp.Though husband purchased the house in name of wife, as he financed it he becomes the owner of the house, The income from the house property should be declared in Husband's ITR, as such he can claim the deduction u/s. 24 of the act.
The problem is ITO may not allow it as the property is JUST in the name of his wife.
On 09 January 2025 at 15:45:21Shashikant Vishwakarma
EmployeeSir is there is any case law on this
On 09 January 2025 at 23:12:56Dhirajlal Rambhia
SEO Sai Gr. Hosp.No case law, its simple interpretation of the section/s as per IT act.
On 10 January 2025 at 22:43:42Shashikant Vishwakarma
EmployeeSir can husband pay rent for the property owned by wife and avail exemption of HRA
On 11 January 2025 at 22:04:55Dhirajlal Rambhia
SEO Sai Gr. Hosp.Under certain conditions…. YES.
The Income Tax Appellate Tribunal, Delhi, recently ruled that House Rent Allowance (HRA) exemption under the Income-Tax (I-T) Act, 1961 cannot be denied on the ground that the assessee paid rent to his spouse. The ruling said that the wife is a doctor who possesses the resources to purchase a house, as is apparent from her income-tax return.
If someone‘s wife is earning and the house is solely owned by her then he is entitled to get HRA exemption, if paying rent on a monthly basis and getting receipts. But, in case his wife is not earning, then he can’t claim this provision since the incomes of the husband and wife would then get clubbed.
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