Income from House Property

Hi All,

Facts :

1. Myself and my father (Senior Citizen) bought a house (registered in the name of both name) in FY 2010-11 and have let it

     out for rent from April 2011.

2. We took loan from LIC in joint name and my name is mentioned as Primiary applicant and my father is secondary applicant.

3. But all the loan (Monthly EMI) is being paid by my father (Only for the sake of loan I am part of all the transaction) and the rent

    is also deposited in the bank account of my father only.

4. In the rent agreement only my father name is mentioned.

 

Queries :

1. My query is that since the rental income is received and EMI is paid by my father can I claim the 50% of the same in this FY

    (2011-12) since the propoerty and loan is in the name of myself and my father. My understanding is that to claim any

     exemption the amount paid should be from the assessable income of the assess (since I am not paying any Loan will I be

    eligible ?)

- start paying the EMI for 6 months and claim exemption and benefits 

2. I am ready to offer the 50% of the rental income in my returns but the loan payments will be paid only by my father.

-  ask for credit of 50% rent in your a/c from father and pay 50% of house loan from your taxable income and avail 50/50 benefit of interest and loan repayment.

3. If I can claim what are all the ways I have and what are all the documention I have to make it suit the 50-50 claim.

- no documents needed, all such claims are admitted on actual payment basis from current year taxable income, not on documentation basis.

 

Thanks in adavance for all your suggestions/ideas.

 

Regards

Saravana