Since, both you and your spouse are co-owners, the income from the house property shall be offered to tax as per your respective share in the property. However, if the payment for the purchase of the property and EMIs for the home loan are being made only from your funds, then for the purpose of computing the income from house property, you will be deemed to be the owner of the property for tax purposes and the income from the house property and the specified deductions shall be assessable only in your hands.
Further, a taxpayer is eligible for following deductions while computing the income from house property: Municipal taxes paid from the gross annual value of the property (NIL for self-occupied property), standard deduction at 30% of the annual value of the property (NIL for self-occupied property) and interest payable on the housing loan (to the extent specified). Thus, in view of the above, no deduction is available for any maintenance expenses incurred in respect of house property.
If I pay house tax, LIC premium, medi claim etc. of my son from my bank account, debit and credit cards and later my son transfers the exact amount from his account to my account, can he claim income tax deductions?
As the payment is made by the mother initially, she would become eligible to claim such deduction. An individual can claim deduction under section 80C for life insurance payment made for self, spouse and children. However, in case where the son intends to claim the deduction with respect to such payments and reimburses the exact amount to his mother, he may do so based on the rationale that deduction under section 80C can be claimed by the person who has contributed the monies out of his income chargeable to tax.
It is pertinent to note that the provisions of the Income Tax Act, 1961 do not specifically provide for any provisions wherein the deduction could be claimed by way of reimbursement and in case of any scrutiny by the income tax department, such individual needs to justify the reimbursement for such payment through bank statements and the bona fide of such claim.
As per Section 80D, mediclaim paid by an individual for self, spouse and dependent children is allowed up to the prescribed limit. If such children are not dependent, then the mediclaim paid for such children is not allowable under section 80D. In such case where the son intends to claim the mediclaim deduction u/s 80D, then the son needs to ensure proper documentation evidencing the reimbursement and this needs to be justified in case of any scrutiny assessment by the tax department.
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