HOME LOANS REBATE ETC.

This query is : Resolved

NAVEEN BANSAL (Querist)
Follow

18 January 2008 Hello Sir,

i want to know that if i taken a home loan with my wife in joint name, and paying the installment from our joint a/c ( with my wife) but the property is registered only my name.
so what amt of deduction i can claim for principal amt. and interest amt.
can my wife also claim the dection of the above besides me.
kindly reply urgently in detail.
naveen bansalca@gmail.com

NAVEEN BANSAL

NAVEEN BANSAL (Querist)
Follow

18 January 2008 if i taken a home loan for the house and after paying amt. of loan i had sold the house.
what consequency is arise for dedction which i had avail earlier.

R.V.RAO

R.V.RAO (Expert)
Follow

19 January 2008 IF THE PROPERTY IS IN JOINT NAMES OF HUSBAND AND WIFE , AND IF LOAN IS IN THE NAME OF BOTH ( FIRST NAME WHOSE AND SECOND NAME WHOSE IN LOAN DOCUMENTS DONT MATTER ) ,AND IF BOTH SHARE THE EMI PAYMENT ( ALSO DECLARING THE EMI SHARES TO THE LENDER OR A JOINT BANK ACCOUNT IS DEBITED),BOTH HUSBAND AND WIFE TOGETHER CAN CLAIM INCOME TAX DEDUCTION UPTO RS. 5 LAKHS
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO

ONE OF OUR ExpertS SRI K V Subba Rao
SUGGESTED EARLIER TO visit www.apnaloan.com in which answers to several FAQs on Home Loan are available
R.V.RAO

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

venkanna setty

shubham agrawal

R.Prashanth

Nilesh Matekar

Jayesh Pipalwa

Subscribe Now

HOME LOANS REBATE ETC.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA