Hi,
I and my spouse are co-owner of our property and due to some unavoidable circumstances, she is not working currently. My query is whether can she claim the benefit for 24B as part of the interest payable to the bank as part of the fiscal year 2018-19. Please provide thoughts on this.
Regards
no, she is not working for last 2 years. I missed this last year so wanted to confirm whether she can claim the 24B. One more thing will she be eligible for 80C deduction on the principal amount, since she is not working currently from last 2 years?
| Originally posted by : Giridhar S Karandikar | ||
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yes she can since she is the co-owner does she has any taxable income in ty 2018-19. |  |
no, she is not working for last 2 years. I missed this last year so wanted to confirm whether she can claim the 24B. One more thing will she be eligible for 80C deduction on the principal amount, since she is not working currently from last 2 years?
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| Originally posted by : Giridhar S Karandikar | ||
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is she planning to start work .if not then you can claim both interest and principle and save tax. else she can claim | |
last financial year she hasn't worked anywhere, so that means she can claim both principal and interest for the ITR filling this year for the last fiscal year. Am I correct?
| Originally posted by : Giridhar S Karandikar | ||
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she can claim interest and carry forward the loss for 8Years. but if she doesn't has any income then she cannot claim principal deduction under 80C | |
Thanks Giridhar for the information. Interest claim is good rather than cannot claim anything. Thanks for your help again
| Originally posted by : Giridhar S Karandikar | ||
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you are welcome. but note that the loss on account of interest carried forward can be claimed only against income from house property and no other head.inter head set off is available only in the initial year when it's incurred and not on carried forward loss | |
can you please elaborate on this, as I understand that she can claim at the loss from house property where we get 24B. Is the inter-head is the one which relates to the stamp duty and other expenses.
Can you please also let me know which form to be submitted for this...whether it be ITR-1 or ITR-2. And what all information to be kept in mind while filling ITR for the year.
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