Income from house property
This query is : Resolved
31 January 2012
Dear Friends,
I have purchased a home exclusively in the name of my wife. I have also taken home loan to purchase it. The loan is in the name of me and my wife. My wife is house wife. She is also not filing any return. Now can i availed the benefit of interest on home loan and deduction u/s 80C for principle amount
I have purchased a home exclusively in the name of my wife. I have also taken home loan to purchase it. The loan is in the name of me and my wife. My wife is house wife. She is also not filing any return. Now can i availed the benefit of interest on home loan and deduction u/s 80C for principle amount
31 January 2012
Yes, you can avail the "twin" benefits.
31 January 2012
No. only the owner of the house property can be availed or if the property in joint name then possible. only loan join name cannot claim deduction under sec.24 & 80C
31 January 2012
TRULY SAID BY CMA. RAMESH KRISHNAN THAT THE OWNER GETS THE BENEFITS.
.
IF WE GO THROUGH PROVISIONS OF SECTION 27(i)
DEALING WITH "(DEEMED) OWNER OF PROPERTY" AS WELL AS CLUBBING PROVISION OF SECTION 64(iv), THE INCOME OF THE PROPERTY IS TAXABLE IN THE HANDS OF THE HUSBAND ONLY.
.
CONSEQUENTIAL BENEFITS , AS SUCH CAN BE CLAIMED BY THE HUSBAND ONLY.
.
.
IF WE GO THROUGH PROVISIONS OF SECTION 27(i)
DEALING WITH "(DEEMED) OWNER OF PROPERTY" AS WELL AS CLUBBING PROVISION OF SECTION 64(iv), THE INCOME OF THE PROPERTY IS TAXABLE IN THE HANDS OF THE HUSBAND ONLY.
.
CONSEQUENTIAL BENEFITS , AS SUCH CAN BE CLAIMED BY THE HUSBAND ONLY.
.
Message likes :
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31 January 2012
Thanks for updating Sir..
Message likes :
1 times
01 February 2012
Thanks a lot sir.
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