Sec 24(b)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 May 2014
House Property is owned by Mr.A
Loan for constructing the house is jointly taken by Mr.A and Ms.S
Ms.S repays the loan (principle+loan)
Who can Claim Deduction u/s 24(b)?
Can Mr.A claim as he holds the property or can Ms.S claim as she repays the loan ?
Please Answer.
Loan for constructing the house is jointly taken by Mr.A and Ms.S
Ms.S repays the loan (principle+loan)
Who can Claim Deduction u/s 24(b)?
Can Mr.A claim as he holds the property or can Ms.S claim as she repays the loan ?
Please Answer.
06 May 2014
Mr A may claim what he wishes to, for income-tax purposes, Ms S shall be considered beneficial owner to the extent she contributed the money for purchase of house and shall accordingly be eligible to claim deduction under 24(b0 and 80C.
word of caution, this treatment would also require that any income from this house is also offered to tax in the same proportion as the funds contributed by Ms S bears to funds contributed by Mr A
word of caution, this treatment would also require that any income from this house is also offered to tax in the same proportion as the funds contributed by Ms S bears to funds contributed by Mr A
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