Tax treatment of house property income
This query is : Resolved
29 July 2013
Consider the following situation
A is a salaried employee
He buys a house having sale deed of 2000000/-
He has paid 10 lakh in cheque from his saving account and 10 lakh from housing loan.
but he gets sale deed registered in the name of his wife.
The home loan is joint in his name and of his wife.HIS WIFE has no income and does not file any return.
As the owner of the property she is receiving the rent.
Now there are two questions
1. What will be the tax treatment of rent.Can A show it as house property incme or it will be a clubbed income
2.Can A claim the interest paid on house loan or not considering he is a joint loan bearer due to paying capacity but property is not in his name
A is a salaried employee
He buys a house having sale deed of 2000000/-
He has paid 10 lakh in cheque from his saving account and 10 lakh from housing loan.
but he gets sale deed registered in the name of his wife.
The home loan is joint in his name and of his wife.HIS WIFE has no income and does not file any return.
As the owner of the property she is receiving the rent.
Now there are two questions
1. What will be the tax treatment of rent.Can A show it as house property incme or it will be a clubbed income
2.Can A claim the interest paid on house loan or not considering he is a joint loan bearer due to paying capacity but property is not in his name
29 July 2013
as it can clubbed, it can be claimed.
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