Deduction of amount on home loan

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S. Chowgule (Querist)

14 April 2011 One property in the name of me and my wife (both IT assessee's) and we are paying equal Installments, My query is that the 150000 limit is for one property or per person.

Is there any change in deduction amount if the joint holders are father and son

Regards

CA Avinash Garje

CA Avinash Garje (Expert)

14 April 2011 Limit of Rs.1.5 lakhs is person wise not a property no change in deduction amount

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Ranjan Dayal

Ranjan Dayal (Expert)

15 April 2011 The dedution is allowed on a proprety as specified in sub section (2) of Section 23 of income tax act which are as under
"2) Where the property consists of a house or part of a house which—

(a) is in the occupation of the owner for the purposes of his own residence; or

(b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him,

the annual value of such house or part of the house shall be taken to be nil.

Keeping in the view of above provision it is clear that the said deduction is allowed property wise maximum to Rs.150000/-

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