Houising loan Interest
This query is : Resolved
T.V.Vaikundan
(Querist)
14 September 2007
Facts
1. The property is in the name of Mr.X
2.The property is leased to Mr. X's company and Mr.X stays there under Lease agreement with Mrs.X
3. The Rental is paid in the name of Mrs X with Form 16A TDS deduction.
4. House property Income is assessed in the name of Mrs.X with deduction being taken for Interest on Housing loan sanctioned in Both Mr.X and Mrs.X's name.
Can the Interest on Housing loan paid be claimed by Mrs.X.
1. The property is in the name of Mr.X
2.The property is leased to Mr. X's company and Mr.X stays there under Lease agreement with Mrs.X
3. The Rental is paid in the name of Mrs X with Form 16A TDS deduction.
4. House property Income is assessed in the name of Mrs.X with deduction being taken for Interest on Housing loan sanctioned in Both Mr.X and Mrs.X's name.
Can the Interest on Housing loan paid be claimed by Mrs.X.
T.V.Vaikundan
(Querist)
14 September 2007
I feel it can be done as the loan is in both names and the income derived can be from any employee in Mr.X's Company if Mr. X is transferred and siuch interest is an outflow to earn the HP income.
T.V.Vaikundan
(Querist)
14 September 2007
1
16 September 2007
Dear Sir
First of all, how Mrs X can get rent while the property is in the name of Mr X? Deemed owner concept mentioned under Section 27 of the Income Tax Act 1961 will have to be applied.
If there is joint ownership please halve the income and claim respective share of loan.
If not treat proportionate rent to Mrs X as amenity charges (if applicable). Any how, please ensure that the legal owner of the property shows income in his returns.
First of all, how Mrs X can get rent while the property is in the name of Mr X? Deemed owner concept mentioned under Section 27 of the Income Tax Act 1961 will have to be applied.
If there is joint ownership please halve the income and claim respective share of loan.
If not treat proportionate rent to Mrs X as amenity charges (if applicable). Any how, please ensure that the legal owner of the property shows income in his returns.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
