Issue of co-owner of property in sch hp of itr2

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This query is : Resolved

sudhir (Querist)

29 June 2014 Sir,
kindly clarify following:
- I am a salaried person and my Wife is Housewife.
- I have shown her as Co Applicant in purchase of a flat.
- Full value of property paid from my income and Home loan.
- Under "Sch HP of ITR2" there is option of naming Co-Owner of property and her percentage share in the property.
- This information will have adverse effect on my home loan interest deduction also.
- Should i name her as Co-Owner in the ITR2 and show her share as 0%.

Ganeshbabu K

Ganeshbabu K (Expert)

29 June 2014 Show as coowner if only if your wife is a leagal owner of asset ..
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in property document if ur wife also one of the owner then show to the respective percentage of co-ownership other wise leave it blank saying it is not coowned

Rupesh Jain

Rupesh Jain (Expert)

30 June 2014 as per income tax your wife not the owner of the property due to she has not invested any money in this property. income or loss is assessable in your hand not in your wife hand.

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