Housing loan deduction
This query is : Resolved
22 December 2013
Sir,
What is the treatment of Housing loan (Int. and Principal) deduction in case of second housing loan? and if second house is taken in the name of spouse and payment was made my assessee so if he can claim deduction of Int. and Principal or he can claim only Int. deduction??
Please help.
What is the treatment of Housing loan (Int. and Principal) deduction in case of second housing loan? and if second house is taken in the name of spouse and payment was made my assessee so if he can claim deduction of Int. and Principal or he can claim only Int. deduction??
Please help.
22 December 2013
1. even if the house in wife's name but all the money has been invested by you, the income from said house property and deductions shall be included in your return under clubbing provisions (Section 64)
2. The house shall be treated as deemed let out and accordingly taxed.
2. The house shall be treated as deemed let out and accordingly taxed.
23 December 2013
Int will be allowed u/s 24(a) and income will be clubbed u/s 64.
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