House property

This query is : Resolved

Lokesh (Querist)
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21 November 2016 Hello,

Please Guide me for Following issue:

Issue :House Property Purchase in the Name of Wife & Loan on Such Property Sanctioned on the Name of Partnership Firm in Which Husband is Partner .

Question :

1 Can Interest on Loan paid allowable as Deduction u/s 24 of House Property to Partner ?

2 Can Loan Sanctioned in the name of Firm can be shown as unsecured loan given by firm to partner ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 November 2016 1. No, because partner is not the owner of property.

2, Yes for accounting purpose, but no benefit for partner in view of the above observation.

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