Dear All
I have very huge Interest payment of House Property with my co-owner (Spouse). Where each co-owner bear’s interest in the range of 10Lacs per annum but the said House Property is self-Occupied thus its interest deduction is only up to Rs.1.5Lacs.
If I let-out my portion[50%] to my co-owner[Spouse] with fair rent amount which goes to 6 Lacs per annum then it saves taxes more than SOP.
Is there any risk of colorful scheme to evade taxes. Please advice whether to go for the above planning or not.
Is there any case laws or Judgments in relation to above then please specify
CAclubindia
