Loss from house property

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This query is : Resolved

Jiten Gupta (Querist)

24 July 2013 Can deduction u/s 24 of IT Act, on single House Property be claimed by 2 Assessees who are joint owner of such property??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

24 July 2013 Yes. it can be claimed based on ownership ratio

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Jiten Gupta

Jiten Gupta (Querist)

25 July 2013 i really didnt get u!!

They are joint owner and no any ratio is predefined!!

Kindly explicit the answer based on below situation!!

Interest of one co-owner is Rs. 2,00,000 while of another is Rs. 90000.

Can 2nd one claim full Deduction u/s 24 amounting Rs. 90000?

as meanwhile another (1st co-owner) has already filed the return and has taken full deduction of INR 150000 under aforementioned section!!

Thanks Predicated!!

Jiten Gupta

Jiten Gupta (Querist)

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

25 July 2013 1. Incase ownership ratio not defined, then need to claim 50:50 ratio only

2.Since the no ownership ratio both are eligible to claim Rs.75000 each as maximum deduction. incase 1st owner already claimed fully. he/she need to revise the return and claim correctly

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Jiten Gupta

Jiten Gupta (Querist)

26 July 2013 Can you specify the provisions wherein this is mentioned!!

I have several CA friends who have guided me to file the return in the way i have explained above!!

Views of other esteemed experts are too warmly welcomed!!

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

26 July 2013 Please refer section.26 for house property income computation for property owned by coowner ship. also small correction in my reply. each owner can claim the deduction u/s.24b up to Rs.1.50 lakh , not Rs.75000.

sec.26 Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income.
87[Explanation.—For the purposes of this section, in applying the provisions of sub-section (2) of section 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub-section.]

Jiten Gupta

Jiten Gupta (Querist)

27 July 2013 Can i file the return of my brother from my ID by uploading excel??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

27 July 2013 Only the return of PAN related to that particular login can be upload. return related to other PAN cannot upload

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Jiten Gupta

Jiten Gupta (Querist)

29 July 2013 Thanks Mr. Krishnan for your valuable Consultancy!!

With Best Regards

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