I own a house co-owned by wife and that is rented out and we have a joint loan on that house. But all the EMI for that loan is paid from my account and I claim all the benefit on interest excemption. Can I split the rental income and add only 50% of rental income in my income and rest 50% in my wife's account and still claim 100% percent of interest excemption as EMI is paid from my account only?
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Can i split rental income when claiming all interest excempt
Replies (2)
No, actually you are doing wrong treatment. 50% interest only is allowed to you.
rental income can be split 50-50, if share of each co owner is 50-50.. intt on loan is allowed as deduction proprtionately in the ratio of repayment by co owner... in you case since you are alone repaying emi, therefore you are eligible for whole of intt as deduction u/s 24b.
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