House Property Deduction on interest on housing loan

This query is : Resolved

Krishnakumar (Querist)
Follow

07 September 2010 Mr A and his Wife have taken a housing loan in their joint names for a self occupied house which is also in their joint names. The interest amount on loan is 335000. My A and his wife , both are taxpayers. My question is whether they both can claim house property loss of Rs 150000 individually?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

07 September 2010 visit this link
https://www.caclubindia.com/forum/all-about-home-loan-deduction-u-s-80c-amp-24-b--103108.asp

You both can claim in case of a joint ownership in proportion of contribution i. e. equally.

Krishnakumar

Krishnakumar (Querist)
Follow

07 September 2010 Yeah thats ok, but my question is whether the total loss eligible for deduction is 150000 or 300000 ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

07 September 2010 150000 each for both

Krishnakumar

Krishnakumar (Querist)
Follow

07 September 2010 Thanks for the advice...can you get me some case laws on the same topic ,if any

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

07 September 2010 Deduction is separately allowable to each co-owner - After each of the co-owners is allocated his share in the income of the joint property, it becomes an income from the house property within the meaning of sections 22 and 23. From that income again each of these owners is entitled to deductions under section 24 individually - CIT v. Abdullabhai M. Moonim [1981] 132 ITR 642 (Bom.).

U can also thank by using the thank user icon.

Message likes : 2 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now