I hope you are doing good!
I have availed a home loan, am a borrower/applicant and my wife is co-borrower/co-applicant.
There is no percentage share in the document as she is house wife.
The rent is deposited in her account.
My question is here that,
Shall i show the home loan interest under IT section 24b as loss under my name?
At the same time she can file the rental income in IT as source of income?(monthly rent is 20K)
Thanks,
1 Answers
Hi,
If there is no declaration of ownership share in the Sale deed, ideally the tax rebate and rental income (if any) have to be claimed in the ratio of 50 : 50.
Related articles :
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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