24 (b) of income tax act

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Mridul Kogta (Querist)
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05 January 2015 A residential plot was purchased by a assessee & registry was made in the name of his wife.
The assessee along with his applied for housing loan & the installment was repaid by the assessee & claimed income tax benefit while filling his return.
Wife income is also assessed in income tax.
However, during that year, wife did not paid any HL installment
My question is, income tax benefit taken by the assessee is right or wrong

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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05 January 2015 For claiming income tax benefit you should have been a joint owner of property as well as joint applicant of loan.

Mridul Kogta

Mridul Kogta (Querist)
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05 January 2015 The plot was registered in the name of wife, but the house was constructed & loan was paid out of the income earned by the assessee and not by the income of his wife.

Also the bank has approved housing loan taking into account income of assessee along with his wife.

Now the assessee can also cliam right on the constructed house property....

then how the income tax benefit is not available to the assessee ..... ???

Mridul Kogta

Mridul Kogta (Querist)
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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 January 2015 the person availing housing loan and repaying the same with interest needs to be the owner in case if he wants to avail the benefit of sec 24(b).

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