housing loan deduction & tution fees
This query is : Resolved
27 April 2011
sir,
My self & my wife have a joint account. we have taken an housing loan . repayment is made 12 instalments
principle 74189
interest 160843
my wife claimed principle & i claim interest max lt as 150000/- is is correct ?
regarding tution fees please explain
My self & my wife have a joint account. we have taken an housing loan . repayment is made 12 instalments
principle 74189
interest 160843
my wife claimed principle & i claim interest max lt as 150000/- is is correct ?
regarding tution fees please explain
27 April 2011
Dear Nitarajan,
Is the house registered in Joint name of you and your wife. If yes then you both can claim the repayment benefits as follows:-
You need to determine your and your wife share in the property. If nothing mentioned in your agreement then you can assumed 50% each. For claiming the benefits of loan and interest, It will depend upon the amount repaid by you and your wife.
If it is difficult to determine the amount repaid then it is advisable to claim on the basis of your share. Else it may lead to litigation.
Is the house registered in Joint name of you and your wife. If yes then you both can claim the repayment benefits as follows:-
You need to determine your and your wife share in the property. If nothing mentioned in your agreement then you can assumed 50% each. For claiming the benefits of loan and interest, It will depend upon the amount repaid by you and your wife.
If it is difficult to determine the amount repaid then it is advisable to claim on the basis of your share. Else it may lead to litigation.
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
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
