I and my wife are resident of Noida, Uttar pradesh. We are buying a second home in Goa for rental purpose. I am borrower and my wife is co-borrower for Home loan purpose. she is also housewife and I will be paying full EMIs. 1. Since the home loan would be repaid completely by me, is it possible that I can declare my wife 90% share holder and myself 10% share holder of property in sale deed. 2. If answer for 1 above is "Yes", than home loan interest benefits would pass to whom. 3. The rent from this property will be coming in my wife account. What will be tax implication on this income.Would the income from this property will be added to my income or it would be totally to account of my wife. 4. Pl. suggests method for minimum income tax implication on me for.
Jan. 08, 2018