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House property

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sagar dholakiya (Querist)
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05 June 2013 Case study: solve it..
A, B, C, D, E are the owner of one house property, they took loan from SNB to construct this hp. In first year they took deduction as loan interest RS. 1, 50,000 in A’s a/c. In the second year they took deduction of RS.1,50,000 in A’s a/c and RS.1,00,000 in the name of B. In the middle of the third year they took another loan form SBI and repaid the first loan out of it (or simply they transfer loan from SNB to SBI) .Now from third half year i.e., interest of SBI ,they want to claim interest as deduction in the name of c.
Question.
1) Is it correct treatment in first and second year?
2) What is the correct treatment in the third year itself? Can They take separate deduction of Rs. 1, 50,000 for first and second loan for third year?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 June 2013 No. since the property is under co ownership, the interest u/s.24b need to claim proportionately . this treatment will apply all the years

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