30 June 2014
Myself & my Spouse co-own(40:60) a property which has been taken on a joint loan(40:60) and that property is let out. Rent is deposited directly to my spouse's bank account and interest on home loan taken is also paid by my spouse directly from his bank account.Both of us are salaried employees. 1.Can i claim 40% of rent received as my income? 2.Can I claim 40% of interest paid as deduction?
30 June 2014
Yes you can claim 40% of interest paid as deduction out of 40% of rental income. Similarly you can also take the benefit of repayment of principal component of home loan to the extent of 40% u/s 80C.
CAclubindia
