Home loan query

Tax queries 742 views 3 replies

Amitava Maity

Manager(E&M)

24 Points Posted on 29 July 2012

Sir,

I am an employee of Coal India Limited. Let me know if I purchase my 2nd house in the name of my wife, who is house wife and no income at all, can I get loan from bank and can I avail the income tax rebate for myself.

Replies (3)

Sanjay Singh Rana

208 Points Posted on 29 July 2012

By virtue of the section 27 read with section 64 , you will be considered the owner for the

house property to the extent of your contribution in constructing or purchase of house and income from house property to that extent should be computed as per section 22 to 26 of the I T Act. As such , interest u/s 24 of the I T Act should also be allowed . and also deduction for payment of Principal amount u/s 80c

Hope it will solve your query :)

Thanks

Chakradhar

ACCOUNTS OFFICER

22 Points Posted on 30 July 2012

Dear Sir,

Basically i working in Indian Company, prestenly i am on depution overseas assignment i am getting my indian salary as well as overseas allowence in UAE i am getting tax benifit

i am going for purchasing of consturcted flat on my wife name who is house wife, i am approching bank for loan (for 15years Span) in that i will be co applicant, in this case i can avail tax benfit for the principle loan amount as well as Intrest (in future).

Request you to respond.

Regards