Kindly help.
Situation : Property in the name of Mrs.A. Rental income is divided b/w hus & wife.Interest on Housing loan is taken in the name of Mrs.A. Mr.A is the guarantor.Can the interest be divided amoung Mr. & Mrs.A?
urgent Plzzzz
4 Replies
vishnupriya
(CA Final)
(1418 Points)
Replied 26 April 2010
How can you divide the interest deebu?
INCOME CAN BE CLUBBED , but not the expenditure.................
CA Sakshi
(CA Practice)
(309 Points)
Replied 26 April 2010
First it should be confirmed that, from whose taxable income such expenditure is incurred.
If Mr. A is the earning person and Mrs. A is a housewife then Mr. A will be eligible for the deduction and not Mrs. A.
SACHIN KUMAR GARG
(Final Student)
(105 Points)
Replied 26 April 2010
Deebu
first of all certificate of interest is issure in the name of Mrs. A only by the financial institute. So, Mr. A is incapable to claim deduction under HP.
And as per provision of clubbing of income any income tran. to his/her spouse without adequte considaration is clubbed in hand of assessee or tranferor
CA. ANiRuDDhA RAthi
(CA)
(554 Points)
Replied 27 April 2010
in short, all income will be taxable in hands of Mrs. A and she wil only get full deduction of interest u/s 24B agtr getting flat 30% std deduction u/s 24a
thanx
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