rent paid to wife
This query is : Resolved
15 March 2008
a rent is paid for house own by wife and more over there is join home loan in the namwe of husband and wife both
the husband want to take benifit of both HRA as well as home loan is he able n consiquence??
house is in the name of wife only
the husband want to take benifit of both HRA as well as home loan is he able n consiquence??
house is in the name of wife only
15 March 2008
IF the house is in the name of both of them then they are the owner then how can they take rent from themselves.
15 March 2008
NO eligibale for HRA
15 March 2008
HOW THE OWNER CAN ITSELF TAKE THE RENT
15 March 2008
IF THE PROPERTY IS IN JOINT NAMES OF HUSBAND AND WIFE , AND IF LOAN IS IN THE NAME OF BOTH ( FIRST NAME WHOSE AND SECOND NAME WHOSE IN LOAN DOCUMENTS DONT MATTER ) ,AND IF BOTH SHARE THE EMI PAYMENT ( ALSO DECLARING THE EMI SHARES TO THE LENDER OR A JOINT BANK ACCOUNT IS DEBITED),BOTH HUSBAND AND WIFE TOGETHER CAN CLAIM INCOME TAX DEDUCTION UPTO RS. 5 LAKHS
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO
ONE OF OUR ExpertS SRI K V Subba Rao
SUGGESTED EARLIER TO visit www.apnaloan.com in which answers to several FAQs on Home Loan are available .
your paying rent to wife and claiming hra is no problem.
but the issue is since property is regd. only in her name ,you cannot claim tax benefits stated above except hra benefit.
R.V.RAO
( UNDER 80 C UPTO RS. ONE LAKH EACH AND UNDER SEC. 24 INTEREST DEDUCTION UPTO RS. 1.5 LAKH EACH.).
OTHERWISE ONLY THAT PERSON IN WHOSE NAME PROPERTY IS REGISTERED AND WHOSE NAME APPEARS AS BORROWER AND WHO PAYS EMI ONLY CAN CLAIM INCOME TAX DEDUCTIONS STATED ABOVE.
IF THE WIFE ALONE TAKES THE HOME LOAN AND ONLY IF SHE IS SHOWN AS AND REGISTERED AS PROPERTY OWNER AND ONLY IF SHE REPAYS THE EMI , ONLY SHE IS ELIGIBLE FOR 80 C AND SEC 24 DEDUCTIONS.
R.V.RAO
ONE OF OUR ExpertS SRI K V Subba Rao
SUGGESTED EARLIER TO visit www.apnaloan.com in which answers to several FAQs on Home Loan are available .
your paying rent to wife and claiming hra is no problem.
but the issue is since property is regd. only in her name ,you cannot claim tax benefits stated above except hra benefit.
R.V.RAO
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
