Mix

This query is : Open

sanjay (Querist)
Follow

20 September 2014 Please reply soon... (1)my wife have a income from other sources mostly interest income on bank FD if I buy a car in her name can she get depreciation benefits in her return.... (2)if I show sewing and beauty parlour income from this f.y. then will she fall in business category (3) we just have a home loan in joint name then who will get interest benefits both ? Or any one ? If both then in which ratio ?

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
Follow

20 September 2014 1. no depreciation on car unless she has a business in which car is being used for business purposes.

2. yes she will fall under business category

3. if both are making repayment, then both will get deduction...in the ratio of payment

sanjay

sanjay (Querist)
Follow

21 September 2014 Thank you for answer............we make down payment by both accounts but monthly repayment will be by my wife's' acoount then in which ratio it will account? Please answer..