second property

This query is : Resolved

sumit khare (Querist)
Follow

14 December 2010 I have taken one Flat in the joint name of myself & wife and has taken home loan .i am also claiming tax rebate for interest and principal part. I wish to purchase one plot (land) ,should i take it in my wife's name alone .If i take it in the joint name & through loan for building a house in the land then what would be tax implications .can i claim interest part of the loans for both properties, I have learnt that my second house rental value will be considered even if it is vaccant.what if i take the property in my wifes name alone.

taxindiaconnect

taxindiaconnect (Expert)
Follow

14 December 2010 The interest rebate is for one self occupied house only. If you buy another plot and pay interest, no tax benefit accrues unless you have some rental income from this property.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Joyashish Maitra

Saumil Kapadia

Raj Jaggi

Keshav Dubey

Poojitha Raam Vinay

Subscribe Now

second property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Article Assistant

Accountant

CA Final