shanmuga sundaram (Senior Consultant) 24 June 2010

Tax exemption

Hello Sir,

I plan to register a new flat on my name and on my wife's name. My wife has no income and she is a house wife (no PAN card for her).

We are going for House loan through a private bank (First applicant : myself ; Co-applicant - my wife). As per the current income tax law, i should get exemption on the both Principle and the Intrest payment on my total income?

My question is, If i register the flat on both my name and as well as on my Wife's name, will i get the above tax exemption?

I am employed in a private company and i hold a PAN card.

Please clarify.

thanks

Shanmugam

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6 Replies

A V Vishal (Advocate) 24 June 2010

Yes, you will be eligible to claim both the interest & principal on the loan amount subject to the limits prescribed under S.24 & 80C.

1 Like

AMIT BAJAJ ADVOCATE (ADVOCATE) 24 June 2010

yes agreed

Gopal Singh ( Advocate) 25 June 2010

Yes,only you are eligible to claim exemption of interest and Principle amount of Housing loan U/S.24 and s.80 respectively of Income Tax Act.1961 in your Income Tax return for the relevant year.

Gopal Singh ( Advocate) 25 June 2010

Kindly correct as s. 80C for 80 as submitted supra.

1 Like

Vineet (Director) 26 June 2010

Do agree with above.

Please check whether you can get the flay registered jointly with your wife without a PAN card in her name. These days PAN is insisted in the name of all transferees.

Shayan Khan (B.com) 09 July 2010

if u get registered Flat in your as well as in the name of your wife then you both may claim the deduction proportionately under respective sections of Income Tax Act.