Clubbing of income
This query is : Resolved
26 July 2015
Assessees wife has a house in her name and they taken a joint loan on this house...assessee source of income is pension and for his wife rental...rental income comes to Rs.144000.. can aasessee club this income?
if he can club whether he can take housing loan principal and interest for deduction?
26 July 2015
You have mentioned that Assessee wife has a house and getting rental income. What is the source of investment. If the source of investment is through husband then it has to be clubbed. If the Assessee's wife has independent source of income then need not be clubbed. If he really wants to club and enjoy benefit of housing loan interest then he can say the house was purchased through husband's sources. For joint loan, husband's name shall be first name.
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