Section 26

This query is : Resolved

Pranavi (Querist)
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21 July 2016 Respected sirs,

One of my client has a house property. He and his wife are co-owners of that self occupied property, and both are filing income tax returns, they have a joint housing loan and both are paying their share of interest and principal amount. Total Interest amount is 1,20,000/- for FY-2015-16.
Now can they claim 1,20,000/- each or Rs.60,000/- each as per section 26?

Thanks in advance.

Vipin Garg

Vipin Garg (Expert)
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22 July 2016 Hello Pranavi,

The Total interest need to be divided between both of them. So each of them will be eligible for deduction of Rs. 60,000/-.

Thanks,
CA. Vipin Garg

Pranavi

Pranavi (Querist)
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22 July 2016 Hello sir,

Thanks for the quick response