Income from house property

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Rakesh (Querist)
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23 December 2011 Mr. A and Mrs B (Husband & Wife) have home lone 37,00,000 /- (jointly 50 % Each) during f. y. 2011 - 12 interest Rs. 4,12,000 and principle is 77,037 /- ,this property is occupied for own residence.

what is the tax inpact on Mr. A (income 6,00,000) and Mrs. B (income 5,00,000 /-)I-Tax U/S 80 C and Income from House Property.

Are they take 50 % each of Interest under income from house property and U/S 80 C of Principle amount.&

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)
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25 December 2011 Out of Rs. 77,037/- person who have paid such income can claim deduction under Sec 80C

However as far as Interest is concerned, Deduction of rs 150,00o is available to both seperately.

i.e. that jointly will take Rs 300,000 as deduction or negative house proerty income u/s 24

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Rakesh

Rakesh (Querist)
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26 January 2012 Thanks Sir