21 April 2009
IF HOUSE PROPERTY IS BOOKED IN JOINT NAME OF HUSBAND & WIFE, LOAN FOR H.P. IS TAKEN IN THE NAME OF HUSBAND AND HE IS MAKING PAYMENT OF LOAN OUT OF HIS TAXABLE INCOME. IN SUCH CASE CAN HUSBAND PAYING FOR LOAN TAKE DEDUCTION OF PRINCIPLE & INTEREST WITHOUT ADDING RENTAL INCOME. RENTAL INCOME CAN BE ADDED IN INCOME OF WIFE OR NOT? PLEASE ADVICE WITHOUT CONSIDERING THE PROVISIONS OF CLUBING OF INCOME.
21 April 2009
Mr. Bipin, can it posible that you book expense in one name and income in other name for same sourses. expenses (repaying principal and interest of loan)is only allowed when you self occupied and upto certian limit. but if you earn income, you will consider income and exp. in only one hand. clubing will apply accordingly.
CAclubindia
