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Q. > Please Help: Deemed Owner of House Property
Mr. X is a salaried person. He has taken home loan and Home is registered in the name of his wife. Loan and Interest is payable by Mr. X through his saving account out of Salary income. Home is rented out.
My Queries are:
1) In whose hand Income or Loss from House property will be taxed.
2.)if Mr. X is liable for tax (As a deemed owner) on HP income Could the loss from House property be set off against salary income of Mr.
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Comments
monu
25-Feb-2014 , 12:45:12 pmThe Income of the House Property is Taxed in the Hands of Mr. X and yes the Loss Can set off. If I am wrong please send me the after get the right answer.
monu
25-Feb-2014 , 12:54:31 pmThe Income of the House Property is Taxed in the Hands of Mr. X and yes the Loss Can set off. because the clubbing provision will apply on Mr. X. If his wife is also working somewhere and get salary here is a confusion to me also.