Hosing loan in financial statement
This query is : Resolved
CA Shyam Agarwal
(Querist)
03 June 2016
Respectable Experts
A person purchased a house with the name of his wife, but loan was taken with the name of husband and repaying the loan and interest also by husband, although wife is also joint borrower.
My question is
1. Who will take the benefit of principal repay u/s 80C.
2. who will take the benefit of Interest repayment (income from house property).
3. In which balance show the housing loan either husband of wife. or 50% in both balance sheet.
Thank You
A person purchased a house with the name of his wife, but loan was taken with the name of husband and repaying the loan and interest also by husband, although wife is also joint borrower.
My question is
1. Who will take the benefit of principal repay u/s 80C.
2. who will take the benefit of Interest repayment (income from house property).
3. In which balance show the housing loan either husband of wife. or 50% in both balance sheet.
Thank You
Amol S Joglekar
(Expert)
03 June 2016
For all the three questions : in the proportion of ownership.
CA Shyam Agarwal
(Querist)
03 June 2016
How to decide the ownership. Because Housing property is with name of his wife only.
Amol S Joglekar
(Expert)
03 June 2016
then? she is 100% owner.? What is the problem?
CA Shyam Agarwal
(Querist)
03 June 2016
ACTUAL PAYMENT WAS MADE BY HUSBAND NOT WIFE. AND PAYMENT WAS MADE VIA BANK WHICH IS WITH THE NAME OF HUSBAND.
IF I TAKE THE BENEFIT OF 80C AND LOSS OF HOUSE PROPERTY IN HUSBAND FILE AND CASE SELECT FOR SCRUTINY THAN A.O. WILL ASK ABOUT HOUSING PROPERTY WHICH IS WITH THE NAME OF WIFE NOT WITH THE NAME OF HUSBAND. HE CAN INVOKE PENALTY.
IF I TAKE THE BENEFIT OF 80C AND LOSS OF HOUSE PROPERTY IN HUSBAND FILE AND CASE SELECT FOR SCRUTINY THAN A.O. WILL ASK ABOUT HOUSING PROPERTY WHICH IS WITH THE NAME OF WIFE NOT WITH THE NAME OF HUSBAND. HE CAN INVOKE PENALTY.
Amol S Joglekar
(Expert)
03 June 2016
Please note, Income tax Act has DERECOGNISED benami transactions w.e.f.1986.
So dont get yourself unnecessarily confused with the ownership of MONEY versus ownership of property.
The benefits like 80C, interest on loan etc are associated with OWNERSHIP of property and not with ownership of funds.
Your views please.
So dont get yourself unnecessarily confused with the ownership of MONEY versus ownership of property.
The benefits like 80C, interest on loan etc are associated with OWNERSHIP of property and not with ownership of funds.
Your views please.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Tax on Amount transferred in HUF Account
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
