Hi,
My wife is the co-owner and co-borrower in the house. but she doesnt pay any emi nw which means entire emi is borne by me.
there is a rental income from the house.
is it legally possible that i can attribute the whole rental income to my wife and claim the tax bnefit on interest paid completely myself.
Since she is currently not working she would have no tax liability on rent and i can save tax on interest payment.
please sugest
Hi
No you can not do the same.
Thanks//VaibhavJ
| Originally posted by : @ VaibhavJ | ||
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Hi No you can not do the same. Thanks//VaibhavJ |
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so wat portion can i attibut to her
Ideally since she is the coowner and co-borower, she has initially contributed towads the down payment of the house. she should be eligible to take the whole income if co-owners have a mutual understanding.
and as such in the event of one co-borower not paying, the entire liability is on other co-borrower
Similarly there should be an option as to how they distribute the income amongst themselves.
Regards,
Rajat
Both of you are named as landlord in the leave and licence agreement with the tenant. And probably the tenant might be claiming HRA, and if the rent is over 1 lacs pa, then PAN of both of you will have to be given. So it is not safe to show the rental income only in your wife's books.
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