Parul Negi ( CA Final Student) (175 Points)
10 November 2009Hey Guys pls help.
For Deduction of 80 C in case or repayment of principal amount of loan taken for construction/purchase of house . If Repayment of principal amount is done by Mr. X and house is in d name of Mrs. X. Can Mr. X enjoy deduction u/s 80 C provided Mrs. X is not taking that deduction?
Deepak goyal
(Apprentice)
(42 Points)
Replied 10 November 2009
| Originally posted by :Parul Negi | ||
| " | Hey Guys pls help. For Deduction of 80 C in case or repayment of principal amount of loan taken for construction/purchase of house . If Repayment of principal amount is done by Mr. X and house is in d name of Mrs. X. Can Mr. X enjoy deduction u/s 80 C provided Mrs. X is not taking that deduction? |
" |
No only Mrs. X claim the deduction.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 10 November 2009
Yeah...
Only Mrs. X can claim the deduction...
GAURAV BEHL
(CA-FINAL )
(228 Points)
Replied 10 November 2009
as per sec 80c
deduction is allowed for the purpose of purchase or construction of a residential house property the income from which is chargeable to tax under the head "income from house property"
(or which would, if it had not been used for the assessee's own residence, have been chargeable to tax under that head)
that implies for taking deduction u/s 80c for purchase/ construction of house, the house must be the own residence/let out property of the assessee claiming exemption or if the income from that property would have been clubbed in the income of that assessee
in this case mr.x cannot take deduction u/s 80c
hope your doubt is cleared
Parul Negi
( CA Final Student)
(175 Points)
Replied 10 November 2009
thnx to evry one. ya now d doubt is clear.
Interest on borrowing can be claimed as deduction only by the person who has aquired or constructed the property with borrowed fund.In other words, the relationship of borrower and lender must come into existence before it can be said that any amount or any other money is borrowed for the purpose of construction, acquisition, etc.of the house property by one person to another person and there must be a real transaction of borrowing and lending in order to amount to any borrowing.
BECAUSE
(Proprietor)
(42 Points)
Replied 10 November 2009
Hellow!
2 Your Qus, Alll The Above, Are All Good And Correct! Pls Go Thgough This Also There Your Have To Go Through The Bank Statement In First And If The Loan Is There In The Two Then Principal Can Claim By The Both, If You Have Other Optionn You Can Put That Mr. X Can Claim As Well Mrs. X Too. Because They Both R Tied With A Relation. If Not Trf All The Repayment To Mr. X And Show It As A Loan in Mrs. X Account Claim The Total Principal Repayment On Housing Loan, Not Mark As Mr. X is Paying Rent To Mrs. X Also Mrs. X Can Claim This. As Per My When Both The Loan Holders Tied With A Relation Then Both of Them Can Claim 50% Of Share On The Same. I Think This May Helpful To You
Regards
sourabh
(Article)
(69 Points)
Replied 11 November 2009
i think if income is clubed in d hands of mr X then he can claim 4 that...
Parul Negi
( CA Final Student)
(175 Points)
Replied 12 November 2009
HEY I WANT TO KNW THAT IF HOUSE IS IN NAME OF Mrs. X N LOAN TAKEN IN NAME OF BOTH THAN WHO IS ELIGIBLE TO GET DEDUCTION OF 80c N U/S 24
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 12 November 2009
Hi Parul... As such, only Mrs. X is eligible for claiming deduction u/s 80C as well as u/s 24...
Ofcoarse, the new case u asked, in that Mrs. X can claim half of the principle amount of loan and interest thereon...
Now, the Q arises, how Mr. X can claim for the half of the principle amount and interest thereon.. Even, i'm looking forward fr the answer of the same.. Lets c, who replies what..
Parul Negi
( CA Final Student)
(175 Points)
Replied 12 November 2009
hey dhiraj i askd frm experts they said that only legal owner is eligible for deduction i.e. Mrs. X.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 13 November 2009
But Parul, wat abt MR. X.... Yaar, loan to uske naam par bhi hai....
Even, he's paying the interest on it, how he'll get exemption on such expense?? I mean, its not at all his business expenxe, niether its his any of the expenses against income..... Yaar us garib ka bhi kuch socho...
I think, he can show his amount of loan taken as gifted to his wife (for house construction).. or something like that...
Parul Negi
( CA Final Student)
(175 Points)
Replied 13 November 2009
i also think the same ki us bechare ko bhi deduction milne chaiye bt experts ne kaha ki LEGAL OWNER ko hi deduction milegi.
if he,ll show gift than wat wil happen? in my case both spouse are salaried persons.
CAclubindia
