POSTED BY May 15, 2012 1:56 am COMMENTS (4)ON
Before writing my query, let me assure that I have made use of lots of other questions in the forum and several of their responses. I still have a few queries left hence this question:
I am staying in a house jointly owned by self and spouse. Recently bought a second house in same apartment with my spouse co-borrower for 22Lacs home loan and co-owner of the house (she is a housewife). For first 3 months, we paid pre-EMI as bank held the partial amount till we submit the mutation paper. However rental income began right from first month itself and since the rent agreement is in my wife’s name, that income goes to my spouse’s account whereas EMI is being paid from my account. Now my questions are:
1. Anything wrong in this arrangement?
2. From other questions in the forum I learned that I can claim income deduction for loan interest without the top ceiling of 1.5L and principle upto 20K under 80C. However I need to show rental amount as my income which actually is getting credited to my spouse’s account. How can I appropriately present this?
3. Since my spouse is a housewife, I think I can claim the full amount of principal and interest for tax rebate.
4. Since this amount involves calculation of rent income, standard deduction and house tax as well, can I not have it adjusted against TDS from my employer instead of filing a refund later?