Bhavik Damani (Student) (67 Points)
23 December 2009hi friends please help me out to solve the following problem:
Mr. x has purchased a house in the name of mrs x by having loan in the joint name of the mr x & mrs x. Will Mr. X be eligible for deduction of interest on the loan taken for house u/s 24 under the head 'Income from House Propery'
If yes, please let me know where it is written. Is there any notification or decision of court for such case?
Dinesh N
(Article)
(156 Points)
Replied 23 December 2009
1. First of all the bank will not issue a housing loan in joint name because banks will issue joint loan only if the property is jointly owned.
2. Mr. X cannot claim Deduction u/s 24(b) if he is not having any property in his Balance Sheet
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 23 December 2009
Hi, as correctly mentioned by DINESH that loan can't be sanctioned...
But in case if it is, then MR. X can't ask for deduction there...
Yes, option of CLUBBING OF INCOME is an option to Mr. X, there benefit of deduction is indirectly available....
CAclubindia
