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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
