Query-
Suppose-
1. A & his wife are joint owners (shares not determinate) of a house property (deemed to be let out)
2. Loan for the same is taken jointly by A & B
3. Repayment of the loan is done from joint account of A & B. However all the credits in that account are income earned by A
Given these facts,
1. In whose hands house property income will be taxed? If taxed proportionately in what proportion?
2. Who will get the deduction for loan repayment?
Housing loan interest
prachi (student) (39 Points)
06 March 2009