Deduction of interest for joint home loan
This query is : Resolved
03 July 2012
Hi
Myself and wife are co-owners of a property, which is rented out. Both of us have also taken joint home loan for the mentioned property. But only I pay the entire EMI and also receive the entire rental income.
Now, here are my questions:
- what is the % ownership for myself and wife for the purpose of IT return for AY2012-13? No percentages are mentioned in property documents.
- I would like claim entire tax paid as part of my return and also declare the entire rental income as my income. Is this possible? This is driven by the fact that my wife is in 10% bracket and I am in 30% bracket.
Myself and wife are co-owners of a property, which is rented out. Both of us have also taken joint home loan for the mentioned property. But only I pay the entire EMI and also receive the entire rental income.
Now, here are my questions:
- what is the % ownership for myself and wife for the purpose of IT return for AY2012-13? No percentages are mentioned in property documents.
- I would like claim entire tax paid as part of my return and also declare the entire rental income as my income. Is this possible? This is driven by the fact that my wife is in 10% bracket and I am in 30% bracket.
03 July 2012
You can claim the entire amount. The other joint owner has to give a declaration that she has not claimed any interest or principal.
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