Section 24
This query is : Resolved
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...
So, can Mr.A divert his interest paid on loan to his wife...
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
if the loan is joint loan, both can claim interest 50:50
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???
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???
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
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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