Income from house property

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IT
24 Points Posted on 27 March 2013

 

I have a doubt on house property income charge ability. This is regarding my 2nd house which is let out.
 
The house is co-owned by self and spouse and loan is also taken jointly.
 
Am a salaried employee and my spouse is a house wife. 
 
Can the rent received from let out property be shown as received by my spouse, while i claim the interest on loan in full without showing the rental income and deduct the interest from salary.
 
Pls advise.
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On 27 March 2013 at 22:39 Report
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Team Lead
7558 Points Posted on 28 March 2013

No you can't do that. You will be required to show the rental income in your asst.

Since you wife is a non-earner, so you can show some of teh rental income in her asst also. The proprotion of rental income can be mutually decided amongst you both adn accordingly claim teh deductions in the same propertion.

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On 28 March 2013 at 15:12
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Consultant
270 Points Posted on 29 March 2013

SINCE YOU AND UR WIFE BOTH ARE CO-OWNER THE INCOME FROM HOUSE PROPERTY WILL BE TAXABLE IN UR OWNERSHIP PROPORTION RATIO AND ALSO INTEREST ON LOAN WILL BE DEDUCTED IN UR OWNERSHIP RATIO .

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On 29 March 2013 at 11:18

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