Claim home loan interest as deduction

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Bhavdip (Querist)
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27 December 2014 A property is on wife's name and home loan is on husband's name who can avail deduction u/s.24(b) and u/s.80c?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 December 2014 First, decide who desires to claim the deductions ?
.
If husband has purchased the property in the name of his wife by paying the entire amount from his account/loan in his name, the income arising from such property is taxable in the hands of the husband under the head Income from House Property ( Section 64(1)(iv)). So, it can be said that he can claim interest as well as deduction U/s 80C.
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If wife has paid certain amount towards purchasing the house and husband has helped her in arranging the finance, then she can show the loan amount as her liability by crediting his husband's account. In such a case she can claim Interest U/s 24(b) only.
.

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Bhavdip

Bhavdip (Querist)
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27 December 2014 But in whose Balance sheet house property and loan amount should be shown?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 December 2014 If husband has purchased the property show both property and loan in the balance sheet of husband.

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Bhavdip

Bhavdip (Querist)
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27 December 2014 Instruments contain wife's name.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 December 2014 Amount invested by husband so it will appear in his balance sheet.

Bhavdip

Bhavdip (Querist)
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27 December 2014 Even if documents are contain wife's name?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 December 2014 Yes it can be shown..........

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Bhavdip

Bhavdip (Querist)
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29 December 2014 Bafna sir,
Income from house property is not included in section 64(1)(iv).

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