Tax deduction available for joint co owners
This query is : Resolved
24 November 2012
If suppose a house is under co ownership and in the deed there isnt anything specifying the share of each owner,
Annual interest paid is 2,00,000
And the house is a self occupied property, how much will the co owners be able to deduct separately u/s 24(b).
a)Is it 1 lakh each hence total of 2 Lakh
b)Or is it 1.5 lakh each, Hence total of 3 Lakh
c)Or 75,000 each hence total of 1.5 lakh.
Thanks.
Annual interest paid is 2,00,000
And the house is a self occupied property, how much will the co owners be able to deduct separately u/s 24(b).
a)Is it 1 lakh each hence total of 2 Lakh
b)Or is it 1.5 lakh each, Hence total of 3 Lakh
c)Or 75,000 each hence total of 1.5 lakh.
Thanks.
24 November 2012
In case of co-owners, see who has paid how much -leaving the loan amount aside.
.
In case the amount is paid in Cash, then in the Income Tax file, how its segregation is being made.
.
How the co-owners understand the extent of each individual's right ?
.
How the repayment obligation is going to be met by the co-owners.
.
All these points will decide share of each co-owner.
.
If they decide to have equal right, show accordingly in the respective borrower's Balance Sheet by treating any extra amount paid one co-borrower as a liability of the other.
.
U/s 24 each co-owner has a maximum deduction limit of Rs 1.50 lac in the case of a self occupied property subject to the amount of interest. In this case Rs 1.00 lac can be claimed in case of each co-borrower.
.
.
In case the amount is paid in Cash, then in the Income Tax file, how its segregation is being made.
.
How the co-owners understand the extent of each individual's right ?
.
How the repayment obligation is going to be met by the co-owners.
.
All these points will decide share of each co-owner.
.
If they decide to have equal right, show accordingly in the respective borrower's Balance Sheet by treating any extra amount paid one co-borrower as a liability of the other.
.
U/s 24 each co-owner has a maximum deduction limit of Rs 1.50 lac in the case of a self occupied property subject to the amount of interest. In this case Rs 1.00 lac can be claimed in case of each co-borrower.
.
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24 November 2012
Thank you very much sir.
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