hello,
As per IFHP, if an individual gifts money to his spouse or minor son/ daughter(not a minor married daughter) & from that money a house property is purchased by his spouse or minor son/ daughter(not a minor married daughter) then IFHP wud b taxable in hands of spouse(& not in hands of individual)..but because of application of clubbing provision, income so assessed will be taxable in hands of individual himself...as she is d deemed assessee..BUt if suppose, if an individual gifts money & from that money & by taking a loan for acquisition, she purchases a house which is self occupied by her then she wud be d owner & she wud get deduction for interest on loan taken u/s24...which wud be her income from house property...now bcs of clubbing provision, this income wud be clubbed in hands of individual(transferor)...
SO my question is will that individual get d benefit of deduction of int on loan capital?
eagerly waiting for ur answers..
CAclubindia
