Interest on housing loan
This query is : Resolved
30 January 2012
Dear sir,
I had taken housing loan of rs.16 lakhs in the name of divesh & my wife ruchi in 2001. and agreement also made in both the name. But, since 2001, i claimed interest deduction in divesh's return only. I saw house value of Rs.15.95 lakhs in divesh's b/s & Rs.5,000/- in ruchi's b/s. can i now claimed interest deduction in Ruchi's return from 2011 onwards as her income more than divesh.
I had taken housing loan of rs.16 lakhs in the name of divesh & my wife ruchi in 2001. and agreement also made in both the name. But, since 2001, i claimed interest deduction in divesh's return only. I saw house value of Rs.15.95 lakhs in divesh's b/s & Rs.5,000/- in ruchi's b/s. can i now claimed interest deduction in Ruchi's return from 2011 onwards as her income more than divesh.
CA PARAS BAFNA
(Expert)
30 January 2012
As the value of house shown in B/s of Divesh is 15.95 lakhs since 2001, logically, requirement of loan had arisen to Divesh only. Interest should continued to be claimed by Divesh only.
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