Us 24 (b)
This query is : Resolved
13 February 2014
I just read reply to one of the queries that deduction of 1.5 lac interest is available to all the owners each irrespective of no. of owners. I wish to clarify, if 1 of the persons has one house and jointly purchase another house with me. Should we both take interest deduction or only I should take since he already has one house. Please explain...Thanks...
13 February 2014
the deduction is available for each property. given that one can have only one self occupied property, the limit of 1.5 lakh shall be applicable only for one property. rest of the properties shall be treated as deeemed let out or let out as the case may be.
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