Income from house property

HARDAMAN SETH (Head-Corporate Solutions Group)   (81 Points)

02 August 2015  

Hi

I am a salaried individual and my wife is a homemaker.I brought a flat in 2013 (resale) in joint name and another flat in 2014 which is a construction linked flat.In both the flats, my wife has a 50% share. The loans for both the properties is also taken in the joint name.The resale flat is let out on rent and am getting the rent cheque in my name. I want to know the following: 

1. While filing my wife's return, do i need to show half the rent as her income from House property and take only the other half in my name?

2. Iam claiming the interest on loan us 24 for the first property. Will my wife have any such claim in her return?

3. For the second property(which also is in a joint name), i have paid construction linked Pre EMI for one year and have now started paying EMIs. Possession is expected in 2017. Will all tax benefits start post possession?

4. What is the date considered for Long Term Capital Gain in case of a under construction property? Is it date of registration or date of possession?

5. While deducting TDS on buying of this property, i filled in Form 26QB in my name alone instead of me and my wife. While filing returns of my wife, shall i then ignore this property for income from house property when i get possession later?

thanks in anticipation.

regards