Income fom houseproperty
This query is : Resolved
04 March 2012
Husband & wife are coowners for a property in in a city, they have let out the same to a company since they have gone out of india for job,rental income from company is given to one of the coowners and the company deduct tds for the same, however for tax purpose should i take income in only one co owner for the whole year or for both ,equally ,also the interest on borrowed capital for the house is Rs 4.36 lacs how should i apportion the same,
pls answer my query.
pls answer my query.
04 March 2012
Dear Mr. Vikas Solanki
In my view, the Income from house property will be taxed according to the proportion of the ownership.
Further if the loan taken by both co-onwer they separate intt. & principal repayment will be allowed. But in that case you have to prove that the repayment is made from both accounts. So onus of repayment proof on the assessee.
Now Cheers
Regards
In my view, the Income from house property will be taxed according to the proportion of the ownership.
Further if the loan taken by both co-onwer they separate intt. & principal repayment will be allowed. But in that case you have to prove that the repayment is made from both accounts. So onus of repayment proof on the assessee.
Now Cheers
Regards
06 March 2012
The proportion in ownership and loan borrowed is necessary for determining income seperately in the hand of both the co-owners.
The proportionate accrued interest against loan will be allowed as deduction u/s. 24, even if not paid during the year.
Repayment of principal loan amount during the acct. period is essential for claim u/s. 80C. Claimant has to prove from which account loan is repaid.
The proportionate accrued interest against loan will be allowed as deduction u/s. 24, even if not paid during the year.
Repayment of principal loan amount during the acct. period is essential for claim u/s. 80C. Claimant has to prove from which account loan is repaid.
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