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Sec 24 of IT act 1961

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(Querist)
13 August 2008 suppose i jointly own a piece of land with my friend n i tak a loan on my name for constructing a building to be used for commercial purposes.In dis case can my frien also claim 50% of the interest paid on the loan??
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
13 August 2008 No.
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Pratheej

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Pratheej (Querist)
13 August 2008 If the income from that property is shared by the two of em den wat happens???? plus wen d property is in the names of both d persons is it possibl to tak a loan in only one person's name???
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
13 August 2008 The deduction is applied to the income of the property.
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