The assessee has a house property, the ownership is with his spouse although the consideration has been paid by assessee. The house is self occupied. Now the assessee want's to purchase a new house for tax benefit under section 24. What are the other tax implications and the house property purchased earlier would it be considered as his property for the purpose of income tax even though not registered under his name?
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House property
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For income tax purpose the balance sheet submitted alongwith ITR or during any assessment will assess his ownership of the property.
sec22 of IT act ,income tax charged when the assesse is the owner of the property.In a case where assesse having residential property and buy another property then benefit of nil annual value can be claimed only in respect of one house property.If any loan taken from financial institution for purchasing house property then interest on borrowed money (loan) allowed under it act
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