Home loan repayment & interest

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2013 Hello,
I am narendra singhal,salaried person as a staff nurse,
I have a home loan in the name of my wife, can I take benefit of thats loan repayment amt and interest for tax saving. Please advice me, because I am quite blank about taxation matters.

Thanks & Regards
NARENDRA SINGHAL

Sanket

Sanket (Expert)

30 November 2013 If the loan is in joint name then you can claim it else not.

Nitin Bhuta

Nitin Bhuta (Expert)

30 November 2013 It depends on the facts of the case. if purchase of property of the property funded through your contribution then income derived under income from house property is clubbed in you hands under the provisions of section 64 of the Income Tax Act 1961. In such a situation you can claim the tax benefit otherwise not.

please take the advise of your CA before claiming tax benefits as it should not create issues in future when income tax assessment comes up u/s 143(3) of the Income Tax Act 1961.

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