Joint owned property

This query is : Resolved

P.C. Joshi (Querist)
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24 May 2016 I have applied for a residential flat in Noida with my wife who is non-working.I have taken a home loan for which I am paying interest. My wife files ITR.I want to know suppose if we let the house on rent who can show the rent income and interest deduction whether both of us equally or any of us.(both ret income and interest). My wife is showing income from another house in the ITR but the tax liability is NIL.

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P.C. Joshi

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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24 May 2016 Since the flat is in joint name the rental income will be split between the two in proportion of respective share in the property document. If no proportion mentioned than equally. As far as interest is concerned both will get deduction u/s 24 provided the name of the wife is also in the loan document otherwise she will not be entitled to get interest deduction.

Rupesh Jain

Rupesh Jain (Expert)
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24 May 2016 if fund for the house given the both and share are also mention on the deed you can take in share proportion benefit of deduction.

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P.C. Joshi

P.C. Joshi (Querist)
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05 September 2016 Funds have gone from account only but my wife's name is on the docs. She doesn't have any taxable income. can she apply for refund in her ITR for loss resuting due to the interest. Both if us have one house each oter than this and both are let out which we are declaring in out ITRs. My second question is since the entire cost of the house was borne by myself. Can I claim the entire interest in my ITR?