Incometax calculations
This query is : Resolved
12 July 2010
I have a case where , A has availed a home loan for ICICI bank . Property is registered in his wife's name and not jointly and he is the co applicant and all the EMI is paid by A. She is a house wife. My question : Can he claim the EMI paid and the interest component for income tax purpose?
Shudhanshu Agrawal
(Expert)
12 July 2010
To save the stamp duty most of the person takes property on the name of wife.
As per Section 27(1) if the amount for purchase of property is paid by the husband in that case husband will be considered deemed owner. So income will be taxable in the hands of husband. In this case husband will get the benefit of interest and principal amount of loan paid. So deductions will be allowed to the husband if husband is actually paying the loan amount.
As per Section 27(1) if the amount for purchase of property is paid by the husband in that case husband will be considered deemed owner. So income will be taxable in the hands of husband. In this case husband will get the benefit of interest and principal amount of loan paid. So deductions will be allowed to the husband if husband is actually paying the loan amount.
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