21 April 2009
IF HOUSE PROPERTY IS BOOKED IN JOINT NAME OF HUSBAND & WIFE, LOAN FOR H.P. IS TAKEN IN THE NAME OF HUSBAND AND HE IS MAKING PAYMENT OF LOAN OUT OF HIS TAXABLE INCOME. IN SUCH CASE CAN HUSBAND PAYING FOR LOAN TAKE DEDUCTION OF PRINCIPLE & INTEREST WITHOUT ADDING RENTAL INCOME. RENTAL INCOME CAN BE ADDED IN INCOME OF WIFE OR NOT? PLEASE ADVICE WITHOUT CONSIDERING THE PROVISIONS OF CLUBING OF INCOME.
21 April 2009
No one can not show income of a property in file of one person and expenses of it in file of other person.
In case of joint owner of property proportionate rent shall be taxable in both the hands and they both can claim deduction u/s 24(b)[intt. on loan ] provided they both are owner and laibility of rent accrues to him
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