tax benefit

smitha (Querist) 24 November 2009 This query is : Resolved
sir/madam,

i wanted to know whether my husband can claim full tax exemption on a flat for which he alone is taking loan,but it is registered in both of ur names.i am not working and do not have a source of income.

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Vineet (Expert) 24 November 2009
If the flat is being purchased by resources of your husband alone and you are merely a technical co-owner, he can claim the entire tax benefit. The loan EMI repayment has to be proved from his funds.

Raj Kumar Makkad (Expert) 24 November 2009
Definitely your husband can claim the full benefits of the tax available on depositing loan amount as well as on interest amount even though he is owner of 1/2 share of the house.

A V Vishal (Expert) 24 November 2009
Smitha

Your husband can claim deduction on interest paid u/s 24 of the Income Tax Act, 1961 to the extent of Rs.1.50 lakhs if it a self occupied house or if the property is let out the actual amount paid as interest even if it is more than Rs.1.50 lakhs. Further, your husband can claim deduction u/s 80 C tho the extent of Rs.1.00 lakh on HL principal repayment. However, the aggregate of the investment allowed as savings under this section is restricted to Rs.1.00 lakh.

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