Benefit of interest on house loan

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..... Benefit of interest on house loan
Query (Issue) Started By: - Andrew Antonio Fernandez Dated:- 5-8-2009 Last Reply Date:- 6-8-2009 Income Tax
Got 1 Reply
Income Tax
I had availed of a hou .....

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..... sing loan jointly with my wife and are staying in it the so constructed house. But the tax benefits were claimed only by me till now. The loan is nearly over and we now plan to take another loan in my .....

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..... wife's name alone for purchasing another house. This we plan to give on rent. Will she be entitled to any income tax benefit on the loan repayment/interest or on the house rent income? Reply By Rama .....

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..... Krishana: The Reply: Each of the spouse are entitled to own a house property. One house property is allowed to be exempted as self occupied. It is not clear from your query that existing house is in .....

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..... the name of wife or husband. But, since, the loan was being paid by the husband, I am assuming that the house is in the name of husband only. In such circumstances, I believe that wife can purchase a .....

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..... new house and entitled to get the tax benefits as well. Since you are intended to give the new property on rent, you shall be entitled to deduct the portion of Interest full without any restriction i. .....

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..... e. Rs. 1,50,000/- from the income earned from renting.
Discussion Forum - Knowledge Sharing .....

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