We have purchased two flats. ONe is in my name and the other one is registered in the name of my dad & wife as a joint owner. For the purchase of two flats i have taken a housing loan from NBFC ( Reliance Capital).i .e. Loan is sanctioned in my name. my queries are as follows:-
1. is it necessary to deduct t.d.s. on interest paid on the housing loan to nbfc?
2. Out of the sanctioned amount i transferred thr portion of principal amount to my dads n wifes a/c as a loan in proportion of the area of another flat. loan instalment is shared by all 3 of us i.e. dan n wife transfer the share of their instalment to my bank account and then i pay the instalment. My query is dat whether my dad n wife are entitled to claim the advantage of interest paid under the head house property? and if they are entitled, then r they responsible to deduct t.d.s. on interest paid to me. i wil show as interest income recd from dad n wife .
CAclubindia
