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Housing loan repayment by spouse

Ashish Shivhare (Advocate) (59 Points)

12 February 2023

if housing loan repaid by the spouse. can claim it deduction of repayment and interest

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12 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 12 February 2023

Who is/are owner of House property?

Who are loan borrowers?

Ca Parth Pitalia (4 Points)
Replied 12 February 2023

Payment can be made moreover If it is a Joint Loan then only tax benifit will be available.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 12 February 2023

Few cases laws are there on this. Deduction can be claimed even if it is paid by spouse if the spouse is not a tax payer

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Naman Mamania (22 Points)
Replied 13 February 2023

A related question to Clubbing provision, if I gift my spouse money via bank transfer and both invest equally towards buying a property. What will be the tax implications on selling of such property

Do i have to pay the entire capital gains tax or will it be split as the share of ownership

sabyasachi mukherjee (26067 Points)
Replied 13 February 2023

House in whose name?
loan taken in whose name?

Naman Mamania (22 Points)
Replied 13 February 2023

Suppose property worth 1Cr u gift my spouse 50L and have 50L balance with me in bank
no loan taken
now we both pay 50L each and acquire the property
ownership is 50% 50%
my question is on selling the property in future
will i have to bear the entire capital gains under the clubbing of income provision
or both shall be liable to pay capital gains as per their share

Ashish Shivhare (Advocate) (59 Points)
Replied 13 February 2023

House purchase by A
repayment by A & B both . B his wife

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 13 February 2023

As B is not co-owner of the house, B cannot get housing loan deduction under IT act.

CA. Chikkerur C R (PRACTICE) (3484 Points)
Replied 15 February 2023

owner can claim expenses no matter who paid

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 22 February 2023

A can claim full deduction

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2010 Points)
Replied 22 February 2023

Originally posted by : Naman Mamania
	Suppose property worth 1Cr u gift my spouse 50L and have 50L balance with me in bankno loan takennow we both pay 50L each and acquire the propertyownership is 50% 50% my question is on selling the property in future will i have to bear the entire capital gains under the clubbing of income provisionor both shall be liable to pay capital gains as per their share

Its a tricky question. Well done

See in this case entire capital gain i taxable in your hand. but first we compute LTCG in wife hand and if any taxable income generates. than that income is clubbed in husband hands. Because husband had gift 50 lac to wife.

See there is tax planning in this part to avoid tax liability. send message me personally.