Hi
I am a co-owner of the property jointly with my mother and brother with 1/3rd share each. I have also taken a loan in which i am the primary applicant for the loan and the emi is being paid from my account only. We have rented the property to someone.Interest amount is far more than the rent amount.
Is it possible that i can show the complete loss in "Income from house property" in my ITR only as i am paying the emi and i am incurring the loss in it. Co-owners can sign a declaration that they are claiming any tax benefits on this. Please suggest.
Amit
I am a co-owner of the property jointly with my mother and brother with 1/3rd share each. I have also taken a loan in which i am the primary applicant for the loan and the emi is being paid from my account only. We have rented the property to someone.Interest amount is far more than the rent amount.
Is it possible that i can show the complete loss in "Income from house property" in my ITR only as i am paying the emi and i am incurring the loss in it. Co-owners can sign a declaration that they are claiming any tax benefits on this. Please suggest.
Amit