Housing loan deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2015 ASSESSEE HAS AVAILED HOME LOAN AND PAID BELOW:
INTEREST AMOUNT 111760
PRINCIPAL AMOUNT 37940
THE HOME LOAN IS IN JOINT NAME WITH "A" & "B".
BY MISTAKE WHILE FILING OF RETURN OF "B" FULL AMOUNT IS CLAIM U/S.24 AND 80C ALSO.
WHAT CAN BE DONE IN THIS SITUATION ?
1. SHOULD I CLAIM 50% AT "A"'s RETURN?
2. IS IS ALLOWED FOR "B" TO CLAIM FULL AMOUNT OF DEDUCTIONS.

Amol S Joglekar

Amol S Joglekar (Expert)
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17 March 2015 Revise B's income tax return.
Claim 50 % in A as well as B.
(This is with the assumption that the house is jointly owned..50% each)

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Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2015 Thanks a lot sir.

I have filed return today only for
A.Y.2014-15. I am first paying the tax then will revise it.

Does the assessing office verifies the details of co-applicant and claimed interest and principal amounts in each case. Because the assessee is a small labor contractor having turnover less than Rs.5.50 Lacs.

Amol S Joglekar

Amol S Joglekar (Expert)
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19 March 2015 The processing of IT returns are programmed in such a way as to filter out the most accurate information.
In your case, while showing the JOINT ownership, the IT returns prompts for PAN of joint owner. So CROSS verification is done by the SYSTEM

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