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LALIT (TECHNICIAN)     07 October 2012

Tax liability

Me and my wife are joint owner of a property and I am getting Income tax benifit against the loan taken for this property.

Can I claim the HRA exemption for Income tax even when the above property is given on rent as I am living in a leased accomodation and paying rent.

What is my Tax Liability. My wife is house wife and do not have any source of income.

 

Thanks



Learning

 4 Replies

M.V.GIRI (ADVOCATE & TAX CONSULTANT)     07 October 2012

you can claim HRA claim provided you have to show the house property income as it letout. Also you can get benefit of interest on borrowed capital for housingloan.

LALIT (TECHNICIAN)     07 October 2012

Sir,

 

Here my question is 

canot the income received from rented property be shown against my wife income and

I get benifit of interest on borrwed income and also the exemption of income tax for HRA ( which i am paying for my accomodation).

 

Thanks for your kind reply.

darshan (fri)     10 October 2012

respected sir ,

                          my dad owns a property in which he is a equal share holder they  pay their business tax  but my father has not yet filed the income tax  so wt is the procedure to file the IT  and wt are the documents we will be needing to file the IT. whom should we approach who can help us file the IT .


(Guest)

You may claim your HRA, and show the rent income in your wife’s name and give her NOC that you are not claiming your Housing Loan Interest and she can claim it 100%, and she may not be liable to pay Income Tax for this.


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