LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

House Property Income

Divya Karthik (S) (459 Points)

26 April 2010

Kindly help.

Situation : Property in the name of Mrs.A. Rental income is divided b/w hus & wife.Interest on Housing loan is taken in the name of Mrs.A. Mr.A is the guarantor.Can the interest be divided amoung Mr. & Mrs.A?

urgent Plzzzz

Reply
Follow
Share

4 Replies

vishnupriya (CA Final) (1418 Points)
Replied 26 April 2010

How can you divide the interest deebu?

INCOME CAN BE CLUBBED , but not the expenditure.................

CA Sakshi (CA Practice) (309 Points)
Replied 26 April 2010

First it should be confirmed that, from whose taxable income such expenditure is incurred.

If Mr. A is the earning person and Mrs. A is a housewife then Mr. A will be eligible for the deduction and not Mrs. A.

SACHIN KUMAR GARG (Final Student) (105 Points)
Replied 26 April 2010

Deebu

first of all certificate of interest is issure in the name of Mrs. A only by the financial institute. So, Mr. A is incapable to claim deduction under HP.

And as per provision of clubbing of income any income tran. to his/her spouse without adequte considaration is clubbed in hand of assessee or tranferor

1 Like

CA. ANiRuDDhA RAthi (CA) (554 Points)
Replied 27 April 2010

in short, all income will be taxable in hands of Mrs. A and she wil only get full deduction of interest u/s 24B agtr getting flat 30% std deduction u/s 24a

thanx

to get free sms's from me sms

ON TAX_ANIRUDDHA and send it to 9870807070

FREE OF COST !!!!

also tell ur friends about me !!!!

OR...

go to this link to receive FREE sms for lifetime

https://labs.google.co.in/smschannels/subscribe/TAX_ANIRUDDHA

or simply type
ON TAX_ANIRUDDHA and send it to 9870807070

THANX

ALSO FORWARD THIS TO ALL UR FRIENDS !!!!

BYEEE