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House loan treatment
The husband has taken a housing loan of 40 lakhs in his name, however the house property is in wife's name. All the expenses of construction and loan repayment done by husband. How will I treat that loan and property in husband's Balance sheet, he is a sole proprietor? Is it fine if I show that house property as his asset?
Replies (1)
This is not a correct treatment as per law and also your husband will not be able to claim deduction of loan payment because of property ownership in this case you can transfer the property ownership to your husband for availing benefits and shown in balancesheet as an assets
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