Deduction of interest & loan repayment of building loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 April 2016
One employee has purchased a house jointly with his wife after getting laon from bank.
both are paying 50% of bank interrest and 50% laon repayment installment. Husband
has taken his wife portion of house on rent because he getting HRA from his company.
Income of both are taxable.
Now my query is that whether his wife will get benefit of building loan interest and loan
repayment installment in her return of income. She will also include rental income after
30% abatement in her income.
both are paying 50% of bank interrest and 50% laon repayment installment. Husband
has taken his wife portion of house on rent because he getting HRA from his company.
Income of both are taxable.
Now my query is that whether his wife will get benefit of building loan interest and loan
repayment installment in her return of income. She will also include rental income after
30% abatement in her income.
CMA Ramesh Krishnan
(Expert)
08 April 2016
The HRA claim by the husband is no justifiable. since he also a joint owner of the home. as joint owners both are eligible for deduction for interest, rental income is not justifiable
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
