Claim for dedn related to housing loan repayment

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2013 Husband and Wife have taken a joint house property and have also made joint borrowings. They do not have any other property in their name and both have been claiming deduction towards interest paid on housing loan as well as ded 80CC for principal repayment.

In May 13, wife's father dies and her father's house property is transfered as per his will in the wife's name.

Can the wife still continue to claim deduction for the house property purchased and jointly held with her husband? Will the transfer of her father's property in her name affect her right to claim deduction towards self occupied house property

Suresh Mittal

Suresh Mittal (Expert)

23 May 2013 In this case transfer of property by will, would not effect the deductions.

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2013 Thanks for the reply. Will one of the property be treated as 'let out' property'? for income-from house property purposes. Or is the transfer thru will not affect this as well?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

23 June 2013 Since the existing property in joint name, you can claim the deduction as usual.

New property will not effect any current deductions. but she may not claim the deduction related to new property again as self occupied. can be show as letout property