Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2013 An assessee owns 2 residential flat against which home loans are availed off. One home loan is taken in the name of himself & other in the name of wife. Can both claim the interest on borrowed capital under sec 24 against the loans taken by them. how the tax be calculated if the assessee has higher income than his spouse.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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07 November 2013 Interest claim allowable only who is the owner and loan applicant both together. incase flat in assessee name only. then his wife has no right to claim the interest even she is joint applicant for loan.

Incase wife is also a joint owner, then she is also can claim for her part of deduction u/s.24.