Income from house property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2012
A along with his wife have purchased a house property. The Sale Deed is executed by them jointly and they have contributed equally for acquisition of such property.Both have individual incomes. They have also borrowed funds to meet a part of the cost of the property from a bank. The property is Self Occupied by them

In order to pay EMIs they open a seperate account and deposit money in equal proportion to meet this obligation.

In this respect please clarify the following:

a) Would each of them be entitled to deduction of interest upto Rs 1,50,000 in terms of provisions of section 24(b) of Income Tax Act or would this benefit be limited to their respective share which in this case is 50% to each thus limiting deduction to each individual to Rs 75,000.

b) Would each of them get benefit of decduction Under Sec 80 C in this respect.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

16 October 2012 DEDUCTUION WILL BE ALLOWED TO BOTH aMOUNT OF DEDUCTION WILL BE AS UNDER
1. RS 150000 OR INTT ACTAULLY PAID EACH WHICHEVER IS LOWER TOTAL DEDUCTION CANNOT EXCEED 3LACS
2. RS 100000 EACH FOR PRINCIPAL
CA MANOJ GUPTA
JODHPUR
09828510543

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

J.Vijai

mahendra zaveri

Prabhakar Manjunath

Ravikumar

Pranab Banerjee

Subscribe Now

Income from house property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA