rent paid to wife

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mayank (Querist)
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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

MANAS ROUT

MANAS ROUT (Expert)
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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.

Devendra Mishra

Devendra Mishra (Expert)
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15 March 2008 NO eligibale for HRA

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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15 March 2008 HOW THE OWNER CAN ITSELF TAKE THE RENT

R.V.RAO

R.V.RAO (Expert)
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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

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