Treatment of interest on house building loan

This query is : Resolved

madhu (Querist)
Follow

14 January 2014 A & B are husband and house wife respectively. They have taken housebuilding loan jointly for purchasing house property as co- owner.A will be repaying the loan entirely since B is a house wife having no taxable income.Whether entire tax benefit is availble to A or to the extent of 50% being co-owner of the property/co-borrower of the loan?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

15 January 2014 Tax benefits are available in respect of repayment of principal amount of loan u/s 80C and payment of interest u/s 24 upto Rs. 1,50,000/-. Since wife and husband are co-owners and co-applicants of loan, these benefits are available to both of them in ratio of their ownership. But since A pays the entire loan and wife has no source of income tax benefits can be availed of by the husband.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

nilesh

NITHIN GEORGE

N.VENKATARAMAN

Rajat Khandelwal

PIYUSHBHAIPOPAT

Subscribe Now

Treatment of interest on house building loan

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

GST CONSULTANT

Accountant

Senior Executive

Manager- Finance and Compliance