24 (b) of income tax act
This query is : Resolved
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
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
05 January 2015
For claiming income tax benefit you should have been a joint owner of property as well as joint applicant of loan.
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 ..... ???
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 ..... ???
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 ..... ???
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 ..... ???
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).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- GST Rate for Catering Services
- Cash balance limit and property purchases limit
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
