Please Help: Income Tax
Posted Date : 24-Sep-2012 , 09:14:21 pm | Posted By sandeep Kaushik
a building which is created during the F.Y2011-12 by three brothers & rented in the same year also and brothers which are equal owner of that building received equal rent from this building. but loan taken from bank for construct the building by a brother by his own name ,now they show rental income under house property head ,can they all take the benefit of deduction of interest u/s 24. plz tell me the appropriate answer about this.
Category : Income Tax | Answers : 1 | Comments : 2 | Hits : 186
Answers
Answer By: CA VIPIN GARG
Dear Sandeep, I am fully agree with Sumit....
Comments
Sumit Bansal
25-Sep-2012 , 10:26:04 amRental income will be included in the income of the all three brothers of their respective share(i.e. equally). Interest on House loan will only be allowed to the only one in whose name loan is taken and who is repaying it.
sandeep Kaushik
25-Sep-2012 , 07:59:12 pmdear sumit can you give me any refrence of incometax act(i.e any sec. or circular) regarding your answer.because i think benefit should be taken by all brothers.