28 September 2012
The Self Occupied property is in joint names. The housing loan is taken by one. Interest paid during the year 1.70 lacs. Can A alone claim deduction of Rs. 1.50,000/-. Employer of A is allowing deduction of only Rs.75,000/-. Is there any case law in favour of A.
03 October 2012
Sec. 26 of the Income Tax Act, deals with the property owned by the Co Owners.
Where the house property owned by the co owners is self occupied by each of the co owners , the annual value of the property for each of such co owner shall be nil and each of the co owner shall be entitled to the deduction of Rs. 30,000/ Rs. 1,50,000/- under sec. 24(b) on account of interest on borrowed capital.
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