Query-
Suppose-
1. A & his wife are joint owners (shares not determinate) of a house property (deemed to be let out)
2. Loan for the same is taken jointly by A & B
3. Repayment of the loan is done from joint account of A & B. However all the credits in that account are income earned by A
Given these facts,
1. In whose hands house property income will be taxed? If taxed proportionately in what proportion?
2. Who will get the deduction for loan repayment?
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Housing loan interest
Replies (2)
Who is B?
Hi Prachi ,
This is reply of ur question .
In case share not determinate , then any one of A & B have to declare that whose one is incuded the house property income in their income .
About deduction of loan repayment , the person who makes actually the payment get deduction of loan payment . If both make payment then both otherwise one.
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