Urgent
This query is : Resolved
Abhishek Bhartia
(Querist)
18 April 2014
Assesse has 417000 income under the head salary and has one house property in Uttar pradesh on which construction loan has been taken. But dat house property is in the name of his wife and she has no income as she is a house wife. Bank has issued him a certificate for claiming deduction u/s 24(b) and 80C for interest amount and repayment of principle amount.
The question is the assesse can claim these two deduction or not.
Nikhil Kaushik
(Expert)
18 April 2014
actually yes. however, this would mean that for income tax purposes, you are accepting that you are the beneficial owner of the house.
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