housing loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2010
I purchased a plot in my name in the year 2006.In the year 2007 i got married and took a home loan for constructing a house on that plot.Me and my wife are co applicants in the loan but the house is still in my name and we are living in it.
Now (A)can my wife claim the benefit of home loan deduction as she is a co applicant.
(B)What about HRA deduction.If she claims will it be added in my income.We live with the parents.I have read in this forum that a wife can not pay house rent to the hudbsnd.Therfore If i can not recieve the rent can my parents claim it.
THX in ADV
Now (A)can my wife claim the benefit of home loan deduction as she is a co applicant.
(B)What about HRA deduction.If she claims will it be added in my income.We live with the parents.I have read in this forum that a wife can not pay house rent to the hudbsnd.Therfore If i can not recieve the rent can my parents claim it.
THX in ADV
CA.Amit Revankar
(Expert)
26 May 2010
A)As u r the owner of the property, income from house property will be assessble in u r hand and deduction for total interest accrued will be allowed for that proprty, Even if u r wife is co-applicant for loan.
b)HRA will not be allowed as exemption from salary and same will be taxed in the hands of u r wife.
Not understood u r remaining part of question.plz make it clear to answer.
b)HRA will not be allowed as exemption from salary and same will be taxed in the hands of u r wife.
Not understood u r remaining part of question.plz make it clear to answer.
Message likes :
1 times
CMA Arif Farooqui
(Expert)
27 May 2010
agree with amit and continuing , as u r not paying rent, no exemption will be available in HRA and full amount will be taxable in receptionist hand
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- 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
- Goods sold but invoice not issued
- 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
