Income from House Property

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N.SHALINI (Querist)
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12 July 2010 Hai Friends,
Please clarify this..........
Wife owns a house property,But her husband has taken a housing loan in his name for the said property.Can he claim the interest payable on the loan in his Income.Please support your answers with tax law provisions.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 July 2010 Concerned section is 24(b) of the Income tax Act,1961.The benefit can be availed only for computing income chargeable under the head"income from house property". Since husband is not the owner of the house property ,no income is chargeable in his hands ,under the said head of income, and hence he cannot claim deduction for the interest on housing loan.

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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12 July 2010 Agreed with Chackrapani Ji,
As a tax planning,
Husband can show Rent paid to his wife and take HRA exemption.
and file wife return seprately in which she claim interest deduction against rent income.

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N.SHALINI

N.SHALINI (Querist)
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19 July 2010 Please can you give me case laws supporting in this regard?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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19 July 2010 There is no case law for supporting it.
But In 99% employee are claiming HRA by paying rent to his mother/father/wife in which name house is registered.

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N.SHALINI

N.SHALINI (Querist)
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19 July 2010 Thank you sir.

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