HUSBAND AND WIFE BOTH ARE THE OWNER OF LAND ON WHICH HOUSE IS MADE, WIFE HAS NO INCOME .
YEARLY INSTALMENT 1.50 LAKHS
YEARLY INTEREST - 1.75 LAKHS
BOTH INTEREST AND INSTALMENT IS PAID BY THE HUSBAND.
HOW THE DEDUCTION WILL BE CLAIMED?
Menu
DEDUCTION ON LOAN ON HOUSE PROPERTY
Replies (7)
As there is no income of wife, repayment and interest was considered in the case of husband only and not in the case of wife. Whole repayment and interest can be considered in husband's case. Sec 26 and 27
As wife have no income taxable... wifes share will be clubbed to husbands income if it is let out.
and in your case, i think house is self occupied so, dedution upto Rs 1,50,000. will b allowed to husband only.
.
DATE OF LOAN - APRIL 2008
CONSTRUCTION OF PROPERTY- APRIL 2008
HOUSE - RESIDENTIAL
SELF OCCUPIED
How is it possible that
Installment is Rs. 1.50 lacs
& Interest is Rs. 1.75 lacs? Interest would be less than Rs. 1.50 lacs as this represents Total Amount Repaid which will be shared by Principal Amount too.
deduction of interest u/s 24 and principal u/s 80C will be available to the spouse who has the higher income .
Recent Threads
- ITR-2 Payment Made but Status Not Updated
- Need help for ITR filing
- ITR Updated returns. Time limit for filing
- ITR 2 Processed and Refund Credited to Bank
- Freelancer or Salaried
- LTCG Tax & Indexation on Debt Mutual Funds Sol
- Section 45(5A) and 194IC with carry forward of tds
- Paid tax amount, CIN generated and challan downloa
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
Related Threads
CAclubindia
