hi friends please help me out to solve the following problem:
Mr. x has purchased a house in the name of mrs x by having loan in the joint name of the mr x & mrs x. Will Mr. X be eligible for deduction of interest on the loan taken for house u/s 24 under the head 'Income from House Propery'
If yes, please let me know where it is written. Is there any notification or decision of court for such case?
1. First of all the bank will not issue a housing loan in joint name because banks will issue joint loan only if the property is jointly owned.
2. Mr. X cannot claim Deduction u/s 24(b) if he is not having any property in his Balance Sheet
Hi, as correctly mentioned by DINESH that loan can't be sanctioned...
But in case if it is, then MR. X can't ask for deduction there...
Yes, option of CLUBBING OF INCOME is an option to Mr. X, there benefit of deduction is indirectly available....
O P Bagla & Co LLP
New Delhi
CA Inter
View Details
Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
View Details
Triveni Turbine Limited
Bengaluru
CA
View Details
Shaswat initial support private limited
Ahmedabad
CS
View Details
CAclubindia
