shashikant havanur 09 December 2019
i have already living in my own room. now i purchased new flat jointly wife.i have also taken loan for the same jointly in our names. i have letout this flat and its income i am showing as wife's income. i am paying more than rs 200000 as interest on loan. i am taking this deduction in my income . can i take the balance interest portion as deduction for wife's 'income. also everything i am doing is correct.
CA Kiran Sutrave (CA) 10 December 2019
According to me, the transaction done is incorrect. Income, interest paid, principal paid etc. will be divided as per the share in the property. For example, if the share in the property is 50:50, then you claim benefit only to the extent of 50%. If you are repaying the entire loan, even then you can claim benefit only to the extent of your share in property i.e. 50% (as per the example is given above)