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??
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.
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
23 November 2010
Agreed with Vivek
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