Income from house property

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Pragnesh Thakkar (Querist)

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

31 January 2012 Yes, you can avail the "twin" benefits.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

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.
.

Message likes : 2 times

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

31 January 2012 Thanks for updating Sir..

Message likes : 1 times

Pragnesh Thakkar

Pragnesh Thakkar (Querist)

01 February 2012 Thanks a lot sir.

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