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.
Vipin Garg
(Expert)
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- Ito add credit side of bank
- GSTR9 Annual Return
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Gift to nri relatives resides in usa
- LLP audit and disclosure
- GST ITC as per notification 12/2023- central tax
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- 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
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
