banner_ad

Treatment of interest on borrowed capital for house property

Tax queries 1787 views 6 replies

If the house property is registered in the name of the wife of the assessee and the loan for the house property is being paid by the assessee himself is the interest exemption u/s 24 available to the assessee? also whether  principal repayment deduction u/s 80C available to the payer of the loan(i.e. the assessee himself).

Replies (6)

Dear Mrinal Gunjan.........

According to me....to claim the interest and principal repayment the house should be fully owned / jointly owned by the assessee.....otherwise no deduction is allowed to the assessee........

fully agree with balaji

Dear Friends,

In the present case the clubbing provisions will be attracted...and deduction will be allowed.

Interest on borrowals invested in properties owned by wife/minor children is deductible - Where the assessee had borrowed money at interest to purchase certain house property in the names of his wife and minor children and the income from that property was included in the assessee’s total income under the provisions of section 64(1)(iv) and (v), it was held that the assessee’s claim for deduction of interest on borrowed money under section 24, read with section 27(1), could not be rejected on the ground that the borrowing had been effected, not in the name of the assessee’s wife or minor children, but in his own name - S.M.A. Siddique v. CIT

agree with Amir

What if the property is the self occupied one and there is no clubbing of income.

Still the assessee can claim d deduction?

interested in raj's question


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details