Please Help: Interest paid on self cooupied house property
Posted Date : 05-Sep-2011 , 11:31:27 am | Posted By: Rajiv Mittal
Category :
Income Tax | Answers :
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Comments :
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If there is a self occupied house property held jointly by 2 persons. The deduction of Rs. 150000.00 will be available to both persons individually or a total deduction of Rs. 150000.00 be available? |
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Answers:
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 Answer by: Ashish Karundia |
| Dear Rajat,
Here both the co-owner can claim deduction of Rs. 150000 separately i.e. in cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner shall be entitled to the deduction individually on account of interest on borrowed money up to a maximum amount of Rs. 1.5 lakh .
In this regard, you can refer Section 26 of Income Tax Act, 1961 read with the second proviso to Section of 24(b) of the Income Tax Act, 1961.
Hope this answers your query.
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| Answer by: Anjali Arora |
| Dear Friends, Both the person can claim Maximum deduction of Rs. 150000 as per section 26 of I.Tax Act.
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| Comments |
| Posted By : CA SUBHASH KR. |
05-Sep-2011, 11:51:28 |
| Total Deduction of Rs 150000/- will be available agst self occupied propert |
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