Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 Hi
A client of mine owns two house properties jointly as husband and wife being co-owners.

Prop -1 which is SOP is clear of any home loans and is being occupied currently.
Prop -2 has a home loan on it on which the interest is well beyond the limit of 150,000 allowed to each individually.
In case they decide to rent out prop-2 can they claim the entire int paid on home against the rental income. if yes can u please quote the exact section reference.
In case after claiming the entire int on home loan against rental income from house prop if there is still a loss - can the loss be claimed against income from salary earned by each of them equally.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 February 2014 us prop2 is let out then entire int paid is deductible u/s 24(b).

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 agree that int paid is deductible .
Is the net loss from house property (if interest deduction is greater than the let out value) deductible from Salary incomes of both husband and wife?

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