Income from house property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2013
An assessee owns 2 residential flat against which home loans are availed off. One home loan is taken in the name of himself & other in the name of wife. Can both claim the interest on borrowed capital under sec 24 against the loans taken by them. how the tax be calculated if the assessee has higher income than his spouse.
CMA Ramesh Krishnan
(Expert)
07 November 2013
Interest claim allowable only who is the owner and loan applicant both together. incase flat in assessee name only. then his wife has no right to claim the interest even she is joint applicant for loan.
Incase wife is also a joint owner, then she is also can claim for her part of deduction u/s.24.
Incase wife is also a joint owner, then she is also can claim for her part of deduction u/s.24.
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