House loan Tax Treatment
This query is : Open
Deepesh Aggarwal
(Querist)
25 February 2019
If the ownership of house is on name of wife and she is housewife and husband is paying all the EMI's. Can husband can claim the deductions prevailing to house property?
CA R SEETHARAMAN
(Expert)
26 February 2019
No only owner of the property can claim.
. It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property.
. It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property.
Message likes :
1 times
Gokul Sharma
(Expert)
26 February 2019
what if partial owner paid all the emi....
Gokul Sharma
(Expert)
26 February 2019
sir one more question .......in jharkhand there is 1 rs stamp duty charges on property registered in the name of women
what if i purchase the house in name of my mother and myself....whether 1 Rs benefit available for me ..........and all emi paid by me
what if i purchase the house in name of my mother and myself....whether 1 Rs benefit available for me ..........and all emi paid by me
CA R SEETHARAMAN
(Expert)
26 February 2019
In case of joint ownership one'person can pay loan repayment benefit available.
Message likes :
1 times
26 February 2019
By applying jointly for a home loan, tax deduction available on home loans can be enjoyed by the co-applicants separately, provided they are co-owners of the property and each of them is contributing to the home loan repayment. a) Principal repayments are eligible for deduction under Section 80C of the Income Tax Act up to a maximum limit of Rs.1.50 lakh. b) Home loan interest payments enjoy tax deduction under Section 24 up to Rs 2 lakh if the property is self-occupied; if the property is let out, the entire interest becomes eligible for tax deduction, i.e., there is no maximum limit. In a joint home loan, since each co-applicant is eligible individually for the above deduction, the collective tax benefits are much higher than in the case of a single applicant loan.
Message likes :
1 times
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
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- TDS on purchase of under construction property from a reseller
- TDS on Fixed Assets purchased
- Non filing of I T Returns
- TAX AUDIT ON PROFESSIONAL INCOME
- Capitalgain tax purposes for valuation report compulsory
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
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
