House property - deduction u/s 24 & 80C deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 February 2010
Individual has obtained land as a gift from father. Later the individual intends to construct a house on the same gifted land. The loan intends to be borrowed and repaid by individual and his spouse as co-borrowers. But the land is registered in the name of the individual only. My question is-
1) Is the land gifted by father exempt in the hands of the individual?
2) Can the spouse of individual claim interest deduction u/ 24 and principal repayment u/s 80C though not the owner/co-owner?
3) If the above answer is yes, can both the individual & spouse claim interest deduction of Rs.1.5 lakhs individually?
4) If interest deduction cannot be claimed by the spouse, then alternative available for the spouse to claim interest deduction u/s 24 and deduction u/s 80C ?
1) Is the land gifted by father exempt in the hands of the individual?
2) Can the spouse of individual claim interest deduction u/ 24 and principal repayment u/s 80C though not the owner/co-owner?
3) If the above answer is yes, can both the individual & spouse claim interest deduction of Rs.1.5 lakhs individually?
4) If interest deduction cannot be claimed by the spouse, then alternative available for the spouse to claim interest deduction u/s 24 and deduction u/s 80C ?
CA PRIKSHIT GUPTA
(Expert)
13 February 2010
According to me,
1. Land gifted by father is not taxable in the hand of the son.
2. ownership is compulsary to calim deduction u/s 24 and 80C. so, spouse can't calim any deduction.
3. N.A.
4. There is no way to calim deduction by the spouse
1. Land gifted by father is not taxable in the hand of the son.
2. ownership is compulsary to calim deduction u/s 24 and 80C. so, spouse can't calim any deduction.
3. N.A.
4. There is no way to calim deduction by the spouse
CMA Arif Farooqui
(Expert)
20 February 2010
agree with expert. ownership is compulsary to calim deduction u/s 24 and 80C.
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