Sec 24(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2013
Respected Sir,
If a House Building is in the name of Husband and wife(Co-Owned), and the House Building Loan is in the name of Husband only, who shall enjoy the benefit of u/s 24 (b)interest on borrowed capital, both of them or single person. As well as the income from the said building can be divided into both of them or single.
If a House Building is in the name of Husband and wife(Co-Owned), and the House Building Loan is in the name of Husband only, who shall enjoy the benefit of u/s 24 (b)interest on borrowed capital, both of them or single person. As well as the income from the said building can be divided into both of them or single.
17 December 2013
The section 24(b) benefit shall be get to the person on whose name the bank loan sanctioned, and income from the such property(house) shall be divided into both(means owners of the property) at their investment in such property ratio or any pre agreement between(among) them.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
17 December 2013
You can try these options if you agree with it then only
Add the wifes name as coborrower in bank records. Then pay the emis from husband & wifes account as 50:50 or one month by husband next by wife and so on.
If not possible to add then show 50% of loan transferred by husband to wife as her share(by jv) and pay emi accordingly.
Plese note emi should actually be paid from wife account out of her taxable income to prove the repayment.
Add the wifes name as coborrower in bank records. Then pay the emis from husband & wifes account as 50:50 or one month by husband next by wife and so on.
If not possible to add then show 50% of loan transferred by husband to wife as her share(by jv) and pay emi accordingly.
Plese note emi should actually be paid from wife account out of her taxable income to prove the repayment.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
