17 September 2014
sir we are 2 brother we are taking loan to re construct our old house we will partly let out our house, so what benefit we can avail in income tax on individual basis
we will earn rent from let out property so deduction on same
I mean when asset is is occupied jointly, then all transaction which you make should be from your own a/c & not from joint a/c to claim benefits, also an agreement to be made mentioning share of each individual & amount contributed by each of you.
CAclubindia
