Property issue

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2010 Hi Gaurav,

This is small question from my side…Please Help.

1) Question: I have one joint property with my brother. I am co-owner. I am claiming that as self occupied property and claiming interest in income tax return
2) I am planning to buy another property with my husband. I would like to be joint owner in that property with my husband. But he would be paying 90% of the installment and 10% by me. He wants to be nominee..but I have question if I will be nominee ….is his mother and father would also get the share after the death of owner. OR should I will be joint owner and will be nominee …..Please suggest. What be tax liability of second house.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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01 August 2010 A person can claim only one house as self occupied and another house need to be treated as Deemed to be let out and pay tax on house property income