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?
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DEDUCTION ON LOAN ON HOUSE PROPERTY
Replies (7)
Date of loan, date of construction of House,It is let property or residential.....plz give full details
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
Date of loan, date of construction of House,It is let property or residential.....plz give full details
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 .
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