Deduction u/s 24(b) for interest of borrowed capital -
This query is : Resolved
02 March 2017
If the self occupied property held jointly by two persons and if the interest on borrowed capital is Rs. 350000/- for A Y 2017-18. In such situation whether each co-owner can claim interest of Rs. 1,75,000/- under the head house property. Kindly advise. Whether the limit of Rs 2 lacs is per house property or per person ? please clarify
03 March 2017
Yes both joint owners can claim interest deduction of Rs. 175000/- each. But for that both of them must not only be joint owners but also joint loanees. The limit of Rs. 2 lac applies to per house property.
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