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Deduction u/s 80C and interest under 24B

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(Querist)
11 July 2011 If a house property is registered in wife's name who does not have any other source of income and does not file IT Returns, and the loan is paid by the husband, is he eligible for tax deduction under Sec 80C, and interest under 24B. Is there any rule under the IT Act for this deduction?
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U S Sharma

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U S Sharma (Expert)
11 July 2011 80C may be claimed on actual payment basis. but 24b can not.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
13 July 2011 If the loan has been taken by the husband then repayment is to be allowed to the husband. In the B/s the husband must declare the House Property in the name of wife.

As per 24B it is to be allowed on accrual basis and can be claimed in the return of income as loss from house property up to the maximum limit. If the interest is below the maximum limit then only up to the interest as attributable to the property.

In 80C the same is to be allowed on payment basis.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
14 July 2011 He can not claim deduction u/s 80C or 24b
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Manju

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Manju (Querist)
01 August 2011 Thank you everybody
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