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?
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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