Deduction u/s.24 (b) for deemed owner
This query is : Resolved
10 September 2012
My friend Mr. X purchased a new House property in the name of Mrs. X by paying Down payment etc from his own bank a/c. & taken a Housing Loan in joint name of himself & his spouse, & pays EMI from his own bank a/c.as well out of his earned salary income. They dont have any other HP & also Mrs. X doesn't have any source of income & is not filing ITR. Whether Mr.X is eligible to claim deduction u/s. 24(b) i.e. Loss under SOP HP? Although he is not the actual owner of the HP but can he be regarded as the deemed owner of the HP by invoking Sec.27??
12 September 2012
He will be entitle to claim deduction u/s. 24 and u/s. 80C.
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