A HOUSE PROPERTY LOAN IS TAKEN BY THE ASSESSE AND PAID BY THE ASSESSE BUT THE PROPERTY IS IN THE JOINT NAME OF ASSESSE AND HIS WIFE. SO THE INTEREST ON LOAN CAN BE CLAIMED BY THE ASSESSE INDIVIDUALLY OR NEED TO BE CLAIMED BY BOTH ASSESSE AND HIS WIFE PROPORTIONATELY. KINDLY PROVIDE ME THE RELEVANT CASE LAW
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Allowability of house property loan
Replies (3)
To claim deduction of interest u/s 24(b), the assessee is required to be owner or co-owner of the house property. If the wife is a co-owner, she may claim deduction each year in her ITR, just like the husband.
ASSESSE CLAIMED THE INTEREST INDIVIDUALY AS HE PAID THE FULL EMI BT AO DISALLOWED HALF OF THE INTEREST ON THE GROUND THAT AS THE PROPERTY IS CO-OWNED SO THE INTEREST WILL ALSO BE CLAIMED BY BOTH THE OWNER PROPORTIONALY. CAN AO DISALLOWED HALF OF THE INTEREST
AO is correct. The wife, who is a co-owner in the property, can also claim deduction of interest u/s 24(b) in her ITR.
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