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Whether 100% benefit of home loan be shown in wife's wife's account
28-Jul-2023 (In Tax Law)
Co owned & Co borrowed property with spouse. spouse is not working but this year have income from real estate consultation and rental income from property as rent deed agreement on her name and rent received in her sole account. whether i can take 100% benifit of home loan in sec 24 & 80c and show rental income on wife name or 50:50 basis
Dear,
If you purchase the house from your own income & you by your qwn will make your wife as co-owner ( who is a house wife ) then you can claim benefit of 100% of loan instalment paid ( intrest & Principle ) from your income. Its not important that now she is earning.
If you purchase the house from your own income & you by your qwn will make your wife as co-owner ( who is a house wife ) then you can claim benefit of 100% of loan instalment paid ( intrest & Principle ) from your income. Its not important that now she is earning.
Helpful?
20+
20+
Adv. R. K. Sharda
Ghaziabad | 25+ Answers
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YES YOU CAN TAKE EXEMPTION IN THE WIFES ITR ON SHARE BASIS 50:50 BUT ONE THING IS REMBER THAT HOME LOAN PAID BY BOTH OF YOU NOT ONLY ONE ACCOUNT IF BOTH ARE PAID THEN TAKE EXEMPTION U/S 80 AND 24 EASILY
THANKYOU
THANKYOU
Helpful?
17+
17+
Adv. Himanshu Singhal
Hapur | 25+ Answers
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