loss under house property on self occupied property

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Kurian Koshy K (Querist)
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03 February 2011 Sir

I have a query on house property income. I would be grateful if you could enlighten me on the query at the earliest. I am a disbursing officer of my employer and is responsible for TDS on salaries etc. Please advise me whether we can allow 100 % deduction towards Interest paid on Housing loans and towards principal repayment where the property is jointly owned by the husband and wife, where husband is the single earning member ( salary income) and the wife does not have taxable income ( or Nil income)

If the employee has submitted a declaration from the joint owner(spouse) committing that it is only the employee who is availing the deduction and the other joint owner(s) are not availing the deduction, is the the employee eligible to 100% housing loan interest benefit and towards principal repayemnt under Section 80 C

Appreciate your early reply in this regards

Thanking you

With warm regards

Kurian

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 February 2011 As far as the tax deduction for the financial year 2010-11 is concerned, you may refer CBDT Circular No.8/2010 dated 13/12/2010 with particular reference to clause 3.6(i) and (ii) with respect to the issue covered under the query.

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