House property
This query is : Resolved
18 July 2014
If house property is owned by husband, but they have taken loan jointly( husband & wife)can wife also claim deduction for the interest paid.it is self occupied property.
please explain.
please explain.
18 July 2014
the person who pays int will be eligible for claiming the int.
18 July 2014
then both will be allowed if both have taken loan
18 July 2014
you have any case reference of section detail, because she(wife) does not have any right in that property.
18 July 2014
whether she hads right or not if laon is taken then its allowed refer sec 24(b)
Nikhil Kaushik
(Expert)
18 July 2014
unfortunately no. the claim for interest deduction comes into picture only where the wife has either direct or beneficial ownership of the property. So you need to establish the beneficial ownership first.
18 July 2014
pls provide any valid supportings to ur ans..........
Nikhil Kaushik
(Expert)
21 July 2014
This is so because the interest deduction is available only if you are offering the income from house property in your tax return. It is but natural that you can do so only if you have direct or beneficial ownership of the property.
Joint loan doesn't create that ownership.
Further, in the tax return, you need to provide the details of ownership of the property. If your ownership is "Zero", then its not your property!
Joint loan doesn't create that ownership.
Further, in the tax return, you need to provide the details of ownership of the property. If your ownership is "Zero", then its not your property!
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