19 June 2009
The querry related to A.Y. 2008-09. The assessee owned 2 house properties and both the properties in the joint name of 2 brothers. House property No. 1: Purchased in 1995-96 for Rs. 8.00 lacs with the help of housing loan. Interest paid upto oct 2007 Rs. 20000/-. This loan account is squared up in oct. 2007. House property No. 2: Purchased in Nov. 2007 for Rs. 12 lacs, again Hsg loan taken by assessee by repaying old loan. Interest from oct. to march 08 Rs. 30000/- The assessee has claimed 50% interest of both the properties in return of income. Now the A.O. propose to disallow the interest of one hsg loan. And propose to add the deeming income of HP u/s. 23(1). Is it correct?
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