Income tax query - do you know..!

A (A) (107 Points)

25 May 2012  

hello people...!


For interest portion of home loan there is limit of 1.5 lacs.. lets say an assesse purchased and registered the house in his spouse' name.... and the loan docs.. he has his name as coapplicant (he is the one who pays, spouse doesnt hav any income) . can he still claim that interest..under which section (as the actual interest comes to 5-6 lacs)??

He is having another house (vacant) in his own name..!

what would be the wealth tax impact?

can it be planned by showing the house (first one) given on rent and claiming the entire interest paid and adjusting the same against the salary income..!!

Please suggest suitably.


thanks and regards