House property

Save Share

This query is : Resolved

sohail (Querist)

18 July 2014 If house property is owned by husband, but they have taken loan jointly( husband & wife)can wife also claim deduction for the interest paid.it is self occupied property.
please explain.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

18 July 2014 the person who pays int will be eligible for claiming the int.

sohail

sohail (Querist)

18 July 2014 both are paying interest. then

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

18 July 2014 then both will be allowed if both have taken loan

sohail

sohail (Querist)

18 July 2014 you have any case reference of section detail, because she(wife) does not have any right in that property.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

18 July 2014 whether she hads right or not if laon is taken then its allowed refer sec 24(b)

Nikhil Kaushik

Nikhil Kaushik (Expert)

18 July 2014 unfortunately no. the claim for interest deduction comes into picture only where the wife has either direct or beneficial ownership of the property. So you need to establish the beneficial ownership first.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

18 July 2014 pls provide any valid supportings to ur ans..........

sohail

sohail (Querist)

21 July 2014 Hello Nikhil please supporting for the above query

Nikhil Kaushik

Nikhil Kaushik (Expert)

21 July 2014 This is so because the interest deduction is available only if you are offering the income from house property in your tax return. It is but natural that you can do so only if you have direct or beneficial ownership of the property.

Joint loan doesn't create that ownership.

Further, in the tax return, you need to provide the details of ownership of the property. If your ownership is "Zero", then its not your property!

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