House property

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kunal (Querist)

28 December 2012 sir if A & B jointly co owned the house and loan is also taken jointly ...
and total amount of interest payable is rs 150000 during the f/y..

are A & B ALLOWED DEDUCTION OF RS 75000 EACH OR RS150000 EACH (AS PER SECTION 26) ?

CA Neha Chauhan

CA Neha Chauhan (Expert)

29 December 2012 As per Income tax rules, both A and B can claim his/her share in total payment of Interest however maximum amount for Self Occupied property is Rs. 150000/- and for rented property any amount of interest paid.

Regards,
Neha Chauhan

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CA Anand

CA Anand (Expert)

31 December 2012 Whatever amount of interest paid by the individual shall be allowed as deduction subject to maximum of 150000 for each assesse. The Interest is not restricted to property. It is restricted per assesee.

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Soumitra Basu

Soumitra Basu (Expert)

05 January 2013 The total interest shall be equally divided between the co-owners in equal limit subject to deduction of rs. 1.50 lacs of each assessee.

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