21 November 2021
Dear Sir, If any case, husband (doing job in private co) and wife (house wife) is joint owner of one house property and home loan has taken on it and husband is paying loan with interest. The house is let out to third person and he is giving monthly rent and this rent is deposited in husband wife's joint account. Now, at the year end husband is claiming loan interest as loss from hp and 80c deduction with the salary income and wife is showing whole rent income in her income tax computaion. husband name is first in both the agreement. Is it possible in Income Tax that one person is claiming Home Loan benefit and other person is showing House property income? please guide.
20 December 2021
Also, if wife has no other income, clubbing provisions are attracted and whole income including rent will be taxable in the husbands hands
CAclubindia
