“PURCHASE OF SECOND HOUSE PROPERTY IN JOINT NAME”
TAX TALK-29.10.2012-THE HITAVADA TAX TALK BY CA. NARESH JAKHOTIA (Chartered Accountant) “PURCHASE OF SECOND HOUSE PROPERTY IN JOINT NAME” Query 1] I have a house in Mumbai with my name as 1 st holder and wife as joint holder. The said property is occupied by us. The loan taken for the same is closed for which I used to take benefit of Interest and Installment. Now, we have invested in property in New Mumbai which is held by wife as 1 st holder & me as joint holder. The house is under construction and the loan is taken in my wife’s name. The question is Can my wife take the benefit of interest on housing loan and on installment paid? Please give your valuable view on this. [Sandeep Benegal - benegalss@svcbank.com ] Opinion: 1. The tax implication / housing loan benefit for the second house property is not similar/ same as applicable to the first house property. The second house property has a different tax treatment under t...