Income tax query - do you know..!

Tax planning 525 views 2 replies

A

107 Points Joined July 2011

hello people...!

For interest portion of home loan there is limit of 1.5 lacs.. lets say an assesse purchased and registered the house in his spouse' name.... and the loan docs.. he has his name as coapplicant (he is the one who pays, spouse doesnt hav any income) . can he still claim that interest..under which section (as the actual interest comes to 5-6 lacs)??

He is having another house (vacant) in his own name..!

what would be the wealth tax impact?

can it be planned by showing the house (first one) given on rent and claiming the entire interest paid and adjusting the same against the salary income..!!

Please suggest suitably.

thanks and regards

Replies (2)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

Only the person who is the owner of the HP can claim the benefits under I-T for house property. In your case though you are paying the EMI's, as the house is in the name of your spouse you can't claim the itnerest deduction.

If the Net wealth exceeds Rs 30lacs then WT wud be payable .

Amit Panjiyar

Student

50 Points Joined April 2011

u/s 24(b) of Income Tax

a assesse can clam the deducation only if the house is in his name. if self accupied max. deducation 30,000 other case 1,50,000.

in the above case husband can't get the deducation on newly purchased house of wife, but he can get the deducation on self accupied house for Rs. 30,000.

Can't claim deducation if given on rent, because the rent recived will be the income of Wife. As it is not clubbed he can't claim the deducation...