· In this case, assessee claimed loss from house property on the property which was in joint name of the assessee and his wife having 50% share each.
· It was submitted by the assessee that all the instalments of housing loan were paid by him out of his taxable income and the property was purchased in joint name for family safety purposes.
· However, the AO restricted the loss claimed by the assessee to 50% and the balance was disallowed.
· The Tribunal observed that nothing was brought on record to substantiate that the wife of the assessee made any contribution towards purchase of the house. Furthermore, the claim of the assessee that entire investment was made by him was not rebutted.
· Therefore, the Tribunal held that if loss from house property was there, the benefit was to be given towards that loss to the assessee only, since the house was shown by the assessee in joint ownership with his wife for safety purposes.
For further reading, refer the attachment.
Further Reading