To get benefit of Income Tax Exemption of co-ownership House property i.e. Husband and wife sharing 50% equally u/s. 24(b) or u/s. 80C, the following conditions are follows for claiming an exemption in Income Tax Return.
Ownership is a condition precedent for claiming an exemption u/s 24(b) or u/s 80C of the Income Tax Act-1961. Without ownership, benefit of deduction cannot be availed by the assessee. In the case elaborated by you, non availability of income in the hands of the wife or non availment of deduction by wife doesn’t entitle husband to claim the deduction.
Two Separate treatments are not possible, one for recognizing the income & the other for claiming the deduction. On the one side, assessee (employee-husband) want to prove that he is the owner of the house property for claiming the deduction u/s 24(b) / 80C and on the other side, want to isolate himself while recognizing the income. It appears unacceptable & illegitimate.
It appears that the employee has leased the jointly owned house property to the company and the company has allotted the same as rent free accommodation to the employee. There is no if bar in the Income tax in husband claiming deduction u/s 10(13A) on rent payment to wife.
Ownership is a condition precedent for claiming an exemption u/s 24(b) or u/s 80C of the Income Tax Act-1961. Without ownership, benefit of deduction cannot be availed by the assessee. In the case elaborated by you, non availability of income in the hands of the wife or non availment of deduction by wife doesn’t entitle husband to claim the deduction.
Two Separate treatments are not possible, one for recognizing the income & the other for claiming the deduction. On the one side, assessee (employee-husband) want to prove that he is the owner of the house property for claiming the deduction u/s 24(b) / 80C and on the other side, want to isolate himself while recognizing the income. It appears unacceptable & illegitimate.
It appears that the employee has leased the jointly owned house property to the company and the company has allotted the same as rent free accommodation to the employee. There is no if bar in the Income tax in husband claiming deduction u/s 10(13A) on rent payment to wife.
If the salaried Taxpayee earned some amount on their income as part of Short or Long Term capital gain. Thus the following steps to solve the problem of calculation of Tax on Capital Gain i.e. Count Net taxable short or Long Term capital gain first and then must reported it to employer to include it in Form No. 16. Even if it is not reported or included in Form No. 16, you can consider the same & pay the tax on it while filing your income tax return as well as Short or Long Terms Capital Gain is required to be shown in “Schedule-TI”, “Schedule-CG” in the ITR-2. It is taxable at a special rate of 15% u/s 111A of the Income Tax Act -1961 even though your other income remains in the tax slab of 10%.
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