Housing loan- interest and principal repayment- deductions
This query is : Resolved
09 December 2013
I am an individual, salary ward income tax assesse.My wife is a house wife and she was gifted with a plot by her mother.the plot was regitered in my wife's name solely. now we have availed first ever housing loan in my name(borrower/ applicant) and in my wife's name(co-borrower/ co-applicant)jointly from HDFC in 2011 -2012 and constructed the house.The repayment of interest and principal are deducted fully from my account only.There is no contribution from my wife and she neither have any taxable income nor claim any deduction from income tax. Can i claim deduction from my income tax, if yes under which section of IT ACT.
09 December 2013
Yes, You can claim Interest U/s 24(b) upto Rs. 150000 and principal repayment U/s 80C -upto Rs 100000/- .
.
.
10 December 2013
Thank you sir, but my auditor says that assesse should be an owner / co- owner otherwise i can't claim benefits. what to do?
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
- Reopen of assessment proceeding
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Management System (IMS)
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
