For more clarity on concepts : ( very important )

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While computing business income; you will find that there are so many expenses  which are given to BUSINESS ORGANISATIONS ( assessee is not so important). 

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But  when you see a particular deduction; say 80C; it is avaialble to either an individual or an HUF. It is not available to PARTNERSHIP FIRM and COMPANIES.  Why it is so ? Because government wants to boost saving in the public ( who are group of individuals).  

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Since Partnership Firms and Companies are meant to do business only; hence they have not been given any deduction u/s 80C. ( Although now we see many SOCIAL RESPONSIBILITIES have been cast on the business organisations. This is due to development in the thought process - the concept here is SUSTAINABLE GROWTH ).

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This saved money is invested in Projects of National Interest. You see that Section 80C deduction is avaialble for : 

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1. Payment of Instalment towards Self Occupied Property ( Every person should have his own house for better living).  

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2. Payment towards School Fee ( Education is the thrust area of the government that is why it has been included as a matter of deduction). 

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3. Payment for LIC  ( Self and Family Security including accumulation of funds for old age).

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Tutorials:

1. Students are advised to refer Section 24(b) of the Income-Tax Act very carefully. 

2. While reading a subject like Income-Tax Law, keep the following things in mind :

a. If the section is introduced recently; read the history (budget proposals) to know why it has been added. 

b. After reading a section; think for a while what you have understood. 

c. Match it again with the wordings of the thought which you have developed. 

d. You may find that the meaning is not exactly the same which is the intention of the law. 

e. To overcome confusing state of mind, I suggest students should refer DR. GIRISH AHUJA's - A Compendium of Issues on Income-Tax Act and Wealth Tax. The issues discussed in 2 volumes of 1000 pages each;  are marvellous and gives indepth study of the Income-Tax Act.

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       My son was facing acute problems in studying Income-Tax. I just guided him to read this book and he easily scored 61.  When I suggested him the book; he was NOT READY to study such a lengthy material. But I assured him that he would be able to study it in one month with pleasure and he did it. 

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      Unfortunately, the old pattern of DR. VINOD SINGHANIA's DIRECT TAX is losing its charm among students because it is very confusing and reference of sub-paras makes students harassing. 

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f.  Students should not focus too much on solving practical problems because if you see the subject is very vast and every ciizen of Indian ( who earns handsomely ) is affected by it. Hence different types of problems come in picture everyday.

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    They should focus on CONCEPTUAL CLARITY than solving too much problems by hand especially in Income-Tax Act.

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Please ignore typographical erros, my modification button is not working at all. 

BOTH WILL GET AND CLAIM DEDUCTION OF RS. 150000 OR ONE HALF SHARE OF ACTUAL INTEREST WHICHEVER IS LOWER.

After reading this forum, i am more confused regarding the original query. There is nothing in the text of the act which can give the treatment for the same. Please share any case law (if there is any) for this query.

Would be really glad to get it.

Originally posted by : CA Mukul Mittal
	Income tax has not made any distinction in single ownership and co-ownership. in this section, the word used is assessee. Therefore, it can be interpreted that the deduction of150000/- is allowed to both husband and wife..........

AGREED.

I will try to explain;

[ Deductions from income from house property.

24. Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely:—       Income under a head can be computed of an assessee only and not a House Property (HP). A person may own more than one HP's

          (a)  a sum equal to thirty per cent of the annual value; Annual Value has to be calculated u/s 23 of each HP separately and deduction shall be allowed for each HP separately under this section

          (b)  where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital. Allows for deduction under the head "Income from HP" to an assessee if his HP is on loan and interest has been paid on such loan. Also, reading with sec. 26 and explanation thereto, the relief u/s 24 is allowed to assessee as if he individually owns the HP; subject to, that the respective shares of co-owners is definite and ascertainable.

Originally posted by : Arpit Sharma
	After reading this forum, i am more confused regarding the original query. There is nothing in the text of the act which can give the treatment for the same. Please share any case law (if there is any) for this query.   Would be really glad to get it.

1. Case laws are available when there are different opinions on an issue between Legal Experts/Practising CAs and Income-Tax Department. 

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2. Case Laws are not available when students doubt about a situation without referring available books on the subject. 

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3. For your ready reference, you may refer Dr. Girish Ahuja's - A Compendium of Issues on Income-Tax and Wealth Tax  ( 2 Volumes ) First Addition : Page No. 251.

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4. He is an authority in the Direct Taxation. Now-a-days; many times his opinions are well accepted among the Practising CAs and Income Tax Department. 

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5. Tutorials : Please refer this book for your CA preparation. It is a LUXURY to read this book.