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
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