Amit Bhatia (Sr. Engineer) (24 Points)
19 July 2019Hi,
I have a query. I have a Flat in my name which is rented out. But its homeloan EMI is deducted from my Wife's account. Is it ok to claim deuction on Housing Loan Interest paid in my ITR for this as Rental income is shown in my ITR also.
Please reply.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 19 July 2019
1. Deductions u/s 24(b) and deductions u/s 80C will be available for an assessee who has availed Housing loan.
2. For the purpose of claiming deductions u/s 24(b) assessee needs to provide a certificate to this effect of the amount of interest paid by him to the person whom the capital was borrowed.
3. So in order to claim interest on the borrowed capital of Rs. 2,00,000 or the actual amount of interest paid or accrued during the year certificate to this effect is to be provided that such payment was made by the assessee.
4. Unless if you could provide a certificate that interest was paid by you deductions will not be available u/s 24(b).
Please correct me if the above interpretation has an alternative view.
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