Interest on borrowed capital for self occupied property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2011
Sir, Kindly advice the following for allowing deduction under chaper 24.
Q: A & B are husband and wife and both are working in a different organizations of the Govt. of India and had occupied a house property on 50%-50% basis.They have borrowed a capital from a nationalized bank and applied for deduction of rebate on interest paid by them on the borrowed capital. Kindly advise whether deduction could be allowed to the both GOvt. Servants or otherwise.
Q: A & B are husband and wife and both are working in a different organizations of the Govt. of India and had occupied a house property on 50%-50% basis.They have borrowed a capital from a nationalized bank and applied for deduction of rebate on interest paid by them on the borrowed capital. Kindly advise whether deduction could be allowed to the both GOvt. Servants or otherwise.
24 September 2011
Both of them will be elgible for deduction of interest paid on housing loan.
24 September 2011
Yes, Agreed both of them will be eligible. Also, ensure they the repayment of principal and interest will be made by both of them.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- EPF FULL & FINAL RULES IN 2026
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Rental income gst and it purpose
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
