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.
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.
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?
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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