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Thread: Income tax

  1. #1
    Junior Member parthava is on a distinguished road
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    Default Income tax

    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?

  2. #2
    Junior Member sverma90
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    Default

    Quote Originally Posted by parthava View Post
    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.

  3. #3
    Junior Member parthava is on a distinguished road
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    Default

    Thanks a lot for the clarification.

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