Section 24

This query is : Resolved

CA JAYESH RELKAR (Querist)
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20 June 2016 If Mr.A buy house property in joint name...1st owner is his wife & 2nd is he himself.... All money paid by him by taking loan to buy house property... Mr. A's spose is housewife having no other income... Or say eve if having income she doesn't pay a rupee to buy house.... Mr.A is paying total EMI...

So, can Mr.A divert his interest paid on loan to his wife...

Amol S Joglekar

Amol S Joglekar (Expert)
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20 June 2016 interest is considered on due basis and not on paid basis.
if the loan is joint loan, both can claim interest 50:50

CA JAYESH RELKAR

CA JAYESH RELKAR (Querist)
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20 June 2016 Thanks sir... But his wife is deliberately taken into picture to avoid tax... Can ITO challenge such tax planning??....

Moreover is it necessary to have agreement about co owners share?...

& if there is no agreement can such share be as per our choice & requirement???

Amol S Joglekar

Amol S Joglekar (Expert)
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20 June 2016 01. it can always be said that two names in the agreement is for family convenience.
02. No need to have any agreement between the two.....if asseessing officer asks for, you can submit an affidavit to that effect

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