Deduction of interest on borrowed capital in case of co-owners

Tax planning 3505 views 16 replies

Aman Aggarwal

Audit & Finance Manager

62 Points Joined February 2010

So ya... i agree with Miss. Richa & Mr. Mukul's explanations.

Replies (16)

Aman Aggarwal

Audit & Finance Manager

62 Points Joined February 2010

So ya... i agree with Miss. Richa & Mr. Mukul's explanations.

Yes agreeing with all.. in case of SOP If the property is bought after 1st april 1998 for acquisition or construction and the construction is complted with 3 years then maximum allowable deduction is 150000 otherwise it is 30000. in case of joint co owners, each can claim the seperate dediction u/s 24(b).