Income from House property - urgent

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Max Payne (Querist)
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29 June 2009 Dear All,
Please correct my statements if it is wrong.
The income from house property owned jointly by assessee and wife, is to be apportioned on the basis of share in the joint property; not on the basis of the cost incurred by each person for acquiring the house.
But, for claimimg interest U/s 24, the interest should be apportioned on the basis of loan repaid, not the cost incurred by each person for actually acquiring the property.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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29 June 2009 The income from house property owned jointly by assessee and wife, is to be apportioned on the basis of share in the joint property; not on the basis of the cost incurred by each person for acquiring the house.

answer: statement is Correct

But, for claimimg interest U/s 24, the interest should be apportioned on the basis of loan repaid, not the cost incurred by each person for actually acquiring the property.

answer: for claimimg interest U/s 24, the interest should be apportioned on the basis of interest paid or accrue to the person.

Max Payne

Max Payne (Querist)
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29 June 2009 Thank u....

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