House property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2015
If a house property owned by the husband and his spouse is let out during the year and the husband has taken loan against this property.
In the case, for computation of income from house property the interest paid during the year can be allowed as a deduction only to husband or is it mandatory to be apportioned to both husband and wife. The rent received is being apportioned to both husband and wife.
In the case, for computation of income from house property the interest paid during the year can be allowed as a deduction only to husband or is it mandatory to be apportioned to both husband and wife. The rent received is being apportioned to both husband and wife.
CA. Sunil Gokhale
(Expert)
30 June 2015
A property is said to be co-owned only if co-owners have paid for it. Merely registering the property in joint names does not mean that the property is owned jointly. Share of income of each co-owner depends upon their share in the property. The interest on loan will be allowed as deduction depending on the proportion in which the loan instalments were repaid during the year.
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