PDA

View Full Version : Income tax



parthava
07-12-2009, 03:53 PM
Can some one clarify on this:
My wife and I are salaried employees paying independent IT. My wife took loan for House building. I paid a part of the principle for her loan. I have two doubts.
i. Whether my wife has to show it as her income?
ii. Whether I can get some IT relief for this?

sverma90
07-12-2009, 05:06 PM
Can some one clarify on this:
My wife and I are salaried employees paying independent IT. My wife took loan for House building. I paid a part of the principle for her loan. I have two doubts.
i. Whether my wife has to show it as her income?
ii. Whether I can get some IT relief for this?
You can get Income tax benefit only if (i) you are co-owner of the house and (ii) you are co-borrower of the loan.

The amount paid by you need not be added to your wife's income. you can always show it as a gift as gift received from a relation is tax-free.

parthava
14-12-2009, 09:16 AM
Thanks a lot for the clarification.