Home loan exemption
gautam
(Querist) 12 July 2014
This query is : Resolved
recently, i have purchased a flat in delhi. i and my wife were the co-applicants while taking home loan. however, property has been registered in the name of my wife who is a house-wife. whether i can claim the tax exemption on the interest paid to the bank? before i posted this query to this forum, i went through some experts' opinion made on the subject. some say 'declare the property as benami transaction'. some say 'take whole of the property as gift from wife'. another option is to become co-owner.
plz suggest what course of action should i opt. i have to take tax exemption.
i m the main applicant in the loan, mr dhingra
thnx
prabhakar singh
(Expert) 12 July 2014
May be youare co-borrower but you are not owner and can not get IT exemptions with regard to principle and interest of loan.Taking gift would make owner but that too would not come to help about IT exemptions,hence getting a benami declaratory decree would be the only course.
Dr J C Vashista
(Expert) 13 July 2014
When you can buy a flat in Delhi, you can afford to have the services of a local lawyer.
Rajendra K Goyal
(Expert) 13 July 2014
Not entitled for IT benefits till the property is purchased in your name.
K.K.Ganguly
(Expert) 13 July 2014
Since the property has not been purchased in your name, you are not entitled to any tax exemption for paying interest on the loan you had taken for paying the price of some one's flat. Had the flat been purchased in both of your joint names, you would have got the said tax exemption.
K.K.Ganguly
(Expert) 13 July 2014
Since the property has not been purchased in your name, you are not entitled to any tax exemption for paying interest on the loan you had taken for paying the price of some one's flat. Had the flat been purchased jointly in both of your names, you would have got the said tax exemption.
Guest
(Expert) 13 July 2014
Who is the main applicant, you or your wife?
ajay sethi
(Expert) 13 July 2014
agree with Mr ganguly
T. Kalaiselvan, Advocate
(Expert) 14 July 2014
Expert Mr.Ganguly's opinions to the subject query ois endorsed by me. If you are still in doubt, you may consult a local tax consultant.
dr g balakrishnan
(Expert) 27 July 2016
just produce your joint application as co-owners to property when you got bank sanction of loan, if u don't have a copy you can get a certified one from the very bank which lent you loan; and attach the same along with ROI, then the decision falls on tax man who can claim, if he takes the decision your botheration on this issue is just zero to you.
No point contesting with tax man.
M/s. Y-not legal services
(Expert) 23 July 2014
