Section 26
This query is : Resolved
21 July 2016
Respected sirs,
One of my client has a house property. He and his wife are co-owners of that self occupied property, and both are filing income tax returns, they have a joint housing loan and both are paying their share of interest and principal amount. Total Interest amount is 1,20,000/- for FY-2015-16.
Now can they claim 1,20,000/- each or Rs.60,000/- each as per section 26?
Thanks in advance.
One of my client has a house property. He and his wife are co-owners of that self occupied property, and both are filing income tax returns, they have a joint housing loan and both are paying their share of interest and principal amount. Total Interest amount is 1,20,000/- for FY-2015-16.
Now can they claim 1,20,000/- each or Rs.60,000/- each as per section 26?
Thanks in advance.
22 July 2016
Hello Pranavi,
The Total interest need to be divided between both of them. So each of them will be eligible for deduction of Rs. 60,000/-.
Thanks,
CA. Vipin Garg
The Total interest need to be divided between both of them. So each of them will be eligible for deduction of Rs. 60,000/-.
Thanks,
CA. Vipin Garg
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
