Deduction 80c for tution fees

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 Please suggest whether a individual (male) can get the housing loan principal & interest benefit if:-

1) He’s co applicant for loan

2) The house property for which loan was taken in the name of his wife and the wife is house lady, didn’t have any taxable income.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

04 February 2012 He can claim the benefits.

Querist : Anonymous

Querist : Anonymous (Querist)

04 February 2012 Dear bafna Ji,

Please give back up of the answer.

As far as concern of loan it was taken in jointly to get the benefit under house property if husband & wife have more than 1 houses.

But for claiming benefit individual have a specific ownership in house.

In this specific case he’s not the person who utilized the loan fund as per the registry document lady name was mention.

“As per the section 24(b) interest deduction claimed by the person who has acquired or construct the property from the borrowed fund”

but if an individual claim the loan principal & interest benefit and in future any liability arises than who will responsible for it.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

04 February 2012 Please refer Section 27(i) and Section 64(1) (iv) also.

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