House property
This query is : Resolved
24 November 2014
WHAT TAX BENEFITS WILL MR X GET IN THE FOLLOWING CASE(PLEASE MENTION ALL RELEVANT SECTION)
MR X BOUGHT A HOUSE PROPERTY UNDER WIFE NAME WHO HAS NO INCOME. THE LOAN WAS TAKE UNDER WIFE'S NAME. EMIs ARE PAID BY MR X.
WHO WILL; RECEIVE TAX BENEFIT?
MR X BOUGHT A HOUSE PROPERTY UNDER WIFE NAME WHO HAS NO INCOME. THE LOAN WAS TAKE UNDER WIFE'S NAME. EMIs ARE PAID BY MR X.
WHO WILL; RECEIVE TAX BENEFIT?
24 November 2014
under sec 80C no deduction allowed for repayment of principal amount and secondly even under sec 24(b) no int paymnet shall be allowed to assessee i.e mr x if he is not the owner in this case.
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24 November 2014
1. Wife is eligible to claim 24(b) since she is the owner of the house.
2. 80C benefit to none (wife looses since she has not repaid. Husband looses since he is not the owner).
2. 80C benefit to none (wife looses since she has not repaid. Husband looses since he is not the owner).
Message likes :
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24 November 2014
sir the quesrist have asked whther mr x will get benefit or not in case of ur reply to question 1 is not mentioned?
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