Sir,
I had taken a loan jointly with my wife for purchasing a house property in April 10. The loan was availed over a period of 3 years at the end of which the property was taken possession from the builders in May,13. Major part of the loan was repaid prior to taking possession from sale proceeds of plot in the name of my wife. The remaining loan was also repaid from savings of my wife and myself immediately after possession. My wife share in the property is 70%. The preconstruction period interest was being repaid monthly from out of my salary income. My wife share in the property is only in the purchase price.
Is it possible for me to claim deduction of the preconstruction period interest in my tax return fully ( 1/5 each year for 5 years ) starting AY 2014-15, as this interest has been repaid by me, even though my share in the house property is 30%. My wife is an IT assessee for the last 3 years, with nominal or nil tax liability, her income consisting of only bank interest.
CAclubindia
