Hi All,
In case of joint ownership of property, whether inetrest on loan taken for property will be allowed to both the owners. I mean 1,50,000 deduction to each of the owner..
I have came across persons claiming the same.
Pls post your vies and if there is any decided case law on the subject.
Yes both the owners can claim deduction of 1,50,000.00
@ Pankaj,
Its confirm that deduction can be claimed by both.
My query is whether 1,50,000 is allowed to both of the owners totalling it to Rs 3,00,000.
No both can claim half interest of 1.50Lac i.e. 75000 each.
Abic and Mani Chartered Accountants
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