Interest on housing loan
Hi,
I have taken the Home loan on the property which is on my wife' name and taken loan on my wife im only guarantor, i am paying the EMI for the same.offering house property income in my hands Can i get the benefit from Tax. If yes how should i claim the same.
Regards,
Mahesh C V
Replies (8)
As you are not the owner of the property you are not eligible to claim interest under the act, even though you pay the EMI. I wish to understand as how could you offer income on a property standing in the name of your wife in your assessment.Allowability of interest is determined by ownership and not by payment of EMI
One benefit of wife name properry is low stamp duty(depending on state).
However if u had taken hp on joint name.
it could have been more beneficial to u
Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment
And what about principle amount.?
Principle amount is also allowed as deduction but subject to limit of 150000 as per sec 80 c .
| Originally posted by : Ajit Hegde | ||
 |
Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment |  |
Hello Ajit
Why clubbing provision apply here. ?????
| Originally posted by : Ajit Hegde | ||
|
Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment | |
Hello Ajit
Why clubbing provision apply here. ?????
Hi. You can be benefitted by tax.Since you are offering house property income, you can show the income by clubbing your wife's income, so that you can claim interest and principal repayment. Visit Letzbank.
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