As per the Income Tax Act, 1961, both co-owners of a property can claim tax benefits on the home loan if they are also co-borrowers. Since the EMI is being deducted from your account, you would be eligible to claim the tax benefits associated with the home loan repayment, including deductions under Section 24 (interest on housing loan) and Section 80C (principal repayment).
Your wife, being a co-owner and co-borrower, is also eligible to claim tax benefits on the home loan. However, since the EMI payments are not directly from her account, she may not be able to claim tax deductions unless she is able to establish her contribution towards the EMI payments.
Since the payments to the builder are being made from your account, the TDS amounts are being deducted using your PAN/account. This should not create any issues as long as you and your wife are both co-owners of the property and are both mentioned in the agreement with the builder.
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If me and my wife have purchased a flat (co-owners) with initial down payment from my account only (however she has transferred partial amount from her account to mine). And we have availed a co-borrowed loan (whose emi is getting deducted only from my account). She transfers her share of EMI on regular interval to my account. I have two queries. Is this arrangement of payment okay with respect to the tax deductions and other tax compliance? Since all payments to the builder are done from my account, the builder is paying the TDS amount on behalf only through my PAN/account. So till now all TDS is submitted through my account and none through my wife's. What should be done, is there any changes needed in this with respect to the taxation purpose? It is still under construction stage.
Anupam
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2024-02-27T12:44:03+00:00 2024-02-27T12:44:04+00:00Comment
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