Hi all,
Subject- Consequences of taking wrong deduction of interest under house property and principal amount of loan u/s80c.
A loan of rs 40 lacs has been taken by husband and wife for the purchase of a house property. Husband's income is higher than wife's income. Major part of loan is related to husband bcoz of higher income. Property has been registered in the name of wife, consequently wife is the owner of house property. Due to ignorance of income tax laws husband is also taking the tax benefit of interest and principal amount of loan u/s 24 and 80c respectively.
Now plz let me know what are the consequences of taking these wrong deduction.
Second thing if husband wants to take tax benefits, what should he do. Should he enter his name in the property by paying stamp duty OR should he take gift of property from his wife OR should he make an agreement relating to taking the ownership of property?
Plz advice me. Your early response will be appreciated.
CAclubindia
