Housing loan interest

prachi (student) (39 Points)

06 March 2009  

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?