pls help urgently
This query is : Resolved
23 November 2010
A&B took a loan from their joint accounts for construction of their houseproperty.The repayement of loan is rs.100000,which allowed as deduction under section 80c.so can A alone deduction of 100,000 or both and A and B can cliam only dediction of rs50000 each??
CA.Madhusudan B.P.
(Expert)
23 November 2010
Whether the property is jointly in the names of A & B ?
If both are income tax assessee, then both can claim the benefit equally, alternativlely if any one is income tax assessee, then he may take the full benefit, in that case the otherperson cannot take any benefit.
If both are income tax assessee, then both can claim the benefit equally, alternativlely if any one is income tax assessee, then he may take the full benefit, in that case the otherperson cannot take any benefit.
CA.ViVeK M ACA
(Expert)
23 November 2010
The mximum Limit which can be claimed as deduction is Up to 1 Lakh. Deduction can be claimed in accordance with the share in the House property. If the joint property were held in the proportion of 40:60 then deduction can be weighed according to it
taxindiaconnect
(Expert)
23 November 2010
Agreed with Vivek
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- EPF ECR NEW RULES Sep 17th 2026
- MSME disclosure and disallowance
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
