My friend Mr. X purchased a new House property in the name of Mrs. X by paying Down payment etc from his own bank a/c. & taken a Housing Loan in joint name of himself & his spouse, & pays EMI from his own bank a/c.as well out of his earned salary income. They dont have any other HP & also Mrs. X doesn't have any source of income & is not filing ITR. Whether Mr.X is eligible to claim deduction u/s. 24(b) i.e. Loss under SOP HP? Although he is not the actual owner of the HP but can he be regarded as the deemed owner of the HP by invoking Sec.27??
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Deduction u/s. 24(b) for deemed owner
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Mr X is not eligible for deduction for itnerst u/s 24(b) as he is not the owner of the HP. Only the person who is the owner of HP is eligible for dedcution.
the provision of serction 27 would also be N/A as Mr X cannot be considered as deemed owner even if he is paying the part of EMI.
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