Three quries in one case
1. An individual salaried employee have bought a new residential premise (in March 2012) registered in the name of his spouse, possession has been in April 1, 2012 .
2. He has taken a home loan for the same but in his own name. Interest being more than 1.5 lacs p.a. Can the deduction be still be claimed?What would be the consequences of claiming the deduction of 1.5 lac p.a.
3. Already having an unoccupied bungalow (having higher market value than newly purchased). What would be the wealth tax impact..?One house can be shown as self occupied and can the new one been shown at value less loan i.e. no tax? Further can the new house be shown as given on rent for claiming entire interest on loan (around 6 lacs annual). Then how the property under wealth tax should be shown?
CAclubindia
