The Income Tax benefit on Second House Property is not similar or same as applicable to the First House Property. The exemption of Tax on the Second House Property has a different Tax treatment under The Income Tax Act, 1961.
If the first property is purchased in the joint name for the sake of convenience and the property is recorded as Individual property in the books/records of first holder. Such first property is actually belonging to Taxpayee and the entire benefit of housing loan, as elaborated in the query, is availed by Taxpayee (first Owner of property) only.
If the second property, though will be purchased in joint name, will be belonging to Taxpayee's wife alone and Taxpayee wife alone would be claiming the housing loan benefit. Similarly, in the books/ records, the property would be recorded as Individual property of Taxpayee's (Second owner of property) wife only.
If it is so, the provision as mentioned in above para would not apply and Taxpayee's wife would be treated as the Individual owner of the property and the resultant benefit would be available to Taxpayee's wife alone. If however the records/ documents doesn’t justify the single ownership of the house property, then the tax treatment as mentioned as above would be applicable.
If the first property is purchased in the joint name for the sake of convenience and the property is recorded as Individual property in the books/records of first holder. Such first property is actually belonging to Taxpayee and the entire benefit of housing loan, as elaborated in the query, is availed by Taxpayee (first Owner of property) only.
If the second property, though will be purchased in joint name, will be belonging to Taxpayee's wife alone and Taxpayee wife alone would be claiming the housing loan benefit. Similarly, in the books/ records, the property would be recorded as Individual property of Taxpayee's (Second owner of property) wife only.
If it is so, the provision as mentioned in above para would not apply and Taxpayee's wife would be treated as the Individual owner of the property and the resultant benefit would be available to Taxpayee's wife alone. If however the records/ documents doesn’t justify the single ownership of the house property, then the tax treatment as mentioned as above would be applicable.
