Re: Dedn of Int. on House Prop. owened by wife?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2009 Property Belongs to: Wife
loan taken by: Husband
Payment of Interest by: Husband
Deduction claimed by: Husband

whether the assessee i.e. husband can claim the Deduction u/s 24???

whether wife can claim deduction u/s 24???

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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19 December 2009 This is the common mistake committed by the assessees. They take the property in wife's name but since husband's income is more hence they take loan in husband's name.

Whatever is being claimed in the Income Tax Return is wrong.

Since wife has not taken loan; so there is no question of claiming deduction.

If property would have been purchased in joint name; then tax planning could be made.

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2009 Thank You for your valued reply.

Sir, I further want to ask you that---

Can I treat Loan for HP as Loan for personal purposes and show Interest Paid under the head of income from other sources to reduce interest Income????

Further in case of salaried assessees Interest of that Loan be set off against salary income????

In anticipation of positive reply

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