Address in it return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Good Morning,
Dear Sirs,
I filed IT return on Mumbai's address which is in the name of mother & staying there only. Now i have purchased flat jointly with my brother in Thane & will claim home loan Principal & int deduction. so my query is on which address i should file IT return. pl advice!!

Mohit Naithani

Mohit Naithani (Expert)
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14 December 2012 It is immaterial to say that if an assessee provide any other adress then he is not be able to claim deduction u/s 24 (Interest) and 80C (Principal).

You can claim deduction after divide an amount between you and your brother Proportionately. Do not avail whole amount as deduction even if your brother is not availing the same..

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2012 Dear Sir,
Thanks for Advice,
If the joint owned property given on Rent & i shows rental income then can i file IT return on mumbai's address which is in the name of mother.

Thanks in advance.

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Mohit Naithani

Mohit Naithani (Expert)
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14 December 2012 If property is in the name of your mother then u r not eligiable to show that incomme because either u r not Deemed Owner of the property and not the provision of Clubing is applicable here.

Basic condition for house Prop income :

1. Their Shoud be a House Property.
2. Income is from above Property.
3. An assessee should be an owner or deemed owner of that property.

In your case: you are not owner or deemed owner of a property hence this wrong if you are showing an income in your comutation and a provision of Clubbing is applicable. Income of that property is clubbed in the hand of your mother.