You asked: Can I claim tax exemption for a property in my wife’s name for which I am paying full EMI?

Yes, husband can claim ownership of property bought in wife’s name provided the funds used for buying the property is from known sources and legal.

Can I claim tax exemption for a property in my mothers name for which I am paying full EMI?

You cannot claim a tax break on a home loan even if you may be the one who is paying the EMI. For one, if your parents own a property for which you are paying the EMIs, you can’t claim breaks unless you co-own the property . “You have to be both an owner and a borrower to claim benefits.

Can I show rental income in my wife’s name?

Yes, your wife can declare 50% of the rental income in her income tax return.

Can I take home loan and registered in my wife’s name?

You can buy a home in your wife’s name to save money or apply for a joint home loan as co-owners of the property and share the repayment obligation too.

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Is it mandatory for a co-borrower to be a co-owner for claiming tax benefit?

You must be a co-owner in the property– To be able to claim tax benefits for a home loan, you must be an owner in the property. Many a time, a loan is taken jointly, but the borrower is not an owner as per the property documents. In such a case you may not be able to claim tax benefits.

Can mother be co-applicant for mortgage?

An unmarried daughter can apply for a home loan with mother as a co-applicant. But the property should be in the name of the daughter while the mother’s income is not considered.

Is taking home loan a good idea for tax exemption?

It is a myth that if you take home loan of a higher amount you would save more tax. … However, the maximum tax saving that you can do on account of interest payment under section 24b is limited to Rs 2 lakh. So, any amount of interest that you pay over and above Rs 2 lakh annually does not help you in saving taxes.

Can I pay my wife to manage my property?

Yes, she is able to do so. However, the Revenue are suspicious of such arrangements, understandably. Firstly, you must be able to show that you are doing work that, if it wasn’t you who did it, your wife could be reasonably expected to hire and pay someone else to do.

Can spouse claim rental income only?

If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership. … In other words, you cannot change the percentage of the rental income or loss you report each year unless the percentage of your ownership in the property changes.

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Does rental income have to be split between spouses?

In general, where rent is received from an asset held jointly by individuals who are married to each other and living together, the income is shared equally. Even if the one partner has contributed 90% of the capital to buy the property, their spouse is deemed to receive half the income.

Can I claim my wife property?

Yes, husband can claim ownership of property bought in wife’s name provided the funds used for buying the property is from known sources and legal.

Can husband claim ownership of property bought in wife’s name?

Justice Valmiki J Mehta made the observation while setting aside a trial court order, which ruled that the man cannot claim ownership of a property purchased in his wife’s name, as it is barred under the Benami Transactions (Prohibition) Act.

Can wife buy husband’s property?

Wife’s Rights on Husband’s Property in India

A wife is entitled to inherit an equal share of her husband’s property. However, if the husband has excluded her from his property through a will, she does not have a right to her husband’s property. Moreover, a wife has a right to her husband’s ancestral property.

Can I take loan on my father property?

Yes you can. But your father, as the owner of the land, will have to be a co-borrower for the loan. Also, you will be able to avail of the tax deduction on the loan repayments only if you (and your brother) are owners or co-owner of the house property.

How rental income from a jointly owned home is taxed?

When a married couple owns a rental property together, rental income and tax deductions are reported using Schedule E (Form 1040), Supplemental Income and Loss. … However, if the spouses file separate tax returns, income and expenses are divided as if they were business partners.

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