I own a residential house which is self-occupied. The house is in my name (single name) and I have availed of a home loan from SBI. The loan is in the joint name of me and my wife. My wie and I both transfer money from our respective salary accounts to the account from where the EMI is paid (thus, there is adequate proof that the EMI is borne 50:50).
Question is whether my wife can claim the loss on house property (Rs.1,50,000) in her tax return as she does not own the house. In my own tax return, I am claiming only my share (i.e. 50% of the total interest paid, capped at Rs. 1,50,000). as a deduction.
Would appreciate any guidance in this connection.
CAclubindia
