Hi All
Its been a very long time. I have a doubt on Income from House Property for my husband. My Husband had taken a Housing Loan for His Uncle's Property. Since he had to pay personal Loan to his Uncle, he was paying half of the EMI. Now that his uncle has sold the property to other party, they are closing the Loan. I have queries due to these transactions.
1. Will my Husband's income be taxed (but he is not getting anything out of this transactions).
2. What should he do further regarding income from House Property while submitting income tax returns.
CAclubindia
