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Income from co-owned House property -Section 26

Started by amitverma.info, November 23, 2012, 09:21:01 AM

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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.




You have not stated that you have been assessed on the entire rental income of the house property in total in your ITR in the past.

Assuming entire rental income is assessed in your ITR (I presume house might have devevoled as a legal heir on all co-owners but has no impact for the views being expressed in here), you can claim the entire Loan interest as you have paid the EMI in entirety. You need to prove this point to the A.O.

Pls also refer the following case which nearly parallels your issue and may be of help to you.

Income Tax Appellate Tribunal - Pune
Ajit Vitthal Dake, Ichalkaranji vs Assessee on 25 October, 2012

Hope this helps.