deduction u/s 24 of house property

Deduction is allowed only to that person who has taken the loan.. deduction is allowed upto Rs.1,50,000 per annum per property.

As it is self occupied each owner of the house property can avail deduction u/24 for Rs. 150000/- or interest paid which ever is less.

Limit u/s 24 will be 30000/- if house is purchase before 01/04/2003.

Whoever took the loan is allowable as the deduction of upto Rs.150000/-. If both took loans, both seperatly allowable deduciton of that amt.

DEAR DINESH IS YOUR BORROWING PURPOSE IS REPAIRS/RECONSTRUCTION/RENEWAL OF YOUR HOUSE PROPERTY THEN YOU WILL GET THE DEDUCTION U/S 24(b) - INTEREST ON BORROWED CAPITAL 

AS PER SECTION THE MAXIMUM LIMIT OF DEDUCTION IS RS 150000/-

IN THIS SECTION THE HOUSE PROPERTY INCOME WILL DEDUCT AND THE FINAL VALUE OF INCOME WOULD BE TAKEN AS DISTRIBUTED IN THOSE SUCH PERSONS IN THEIR RATIO........

if a damage of house property is done due to fire or explosion.should i consider as capital gains?if insurance claim is received.

WHAT IS THE MAXIMUM LIMIT OF DEDUCTION OF INTEREST ON BORRWED CAPITAL IN CASE OF LET OUT PROPERTY

Hi Sweta

IN CASE OF LET OUT PROPERTY  NO  LIMIT  FOR  DEDUCTION OF INTEREST ON BORROWED CAPITAL .

Hi Abhishek,

Computation of Capital Gain U/S 45 (1A)

In Vania Silk Mills (P) Ltd. v CIT ( 1991 ) 59 Taxmann , the Supreme Court held that insurance claim received on account of destruction of asset is not chargeable to tax as "destruction " does not amount to transfer .The effect of the judgement has been nillified to some extent by inserting sub - section (1A) in section 45 with effect from the A.Y.200-01.

if the following two conditions are satisfied , then sec 45 (1A) is attracted.

Con - 1 - the compensation is received because of 'damage to ' or ' destruction of' any capital assets.

Con - 2 - the damage or destruction is a result of four categories of circumstances,viz. i)flood ,typhoon,hurricane,cyclone,earthquake or other convulsion of nature ; or ii) riot or civil disturbance ; or iii)accidental fire explosion ; or iv) action by an enemy or action taken in combation an enemy .

From the above discussion it is clear that if your matter satisfied the above mention condition , then no need to consider it as CAPITAL GAIN.

Agree with Bhavin and Ashish.. 

1,50,000 is allowed to both.. & both of them will get whatever they have paid subject to Rs. 150000 limit..

also there is no prorata basis in this calculation..

if a damage of house property is done due to fire or explosion.should i consider as capital gains?if insurance claim is received.

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AS PER ICAI STUDY MATERIAL

"Where the House property owned by co owners is self occupied by each of the co owners, the annual value of the house property of each co owners will be nil & each co owner shall be entitle to a deduction of Rs. 30000 or Rs. 150000 as the case may be u/s 24 b on account of Interest on borrowed capital  "

Originally posted by : Sweta Jalan
	WHAT IS THE MAXIMUM LIMIT OF DEDUCTION OF INTEREST ON BORRWED CAPITAL IN CASE OF LET OUT PROPERTY

IN case of let out property, their is no tab on the claim of interest on borrowed capital. The restriction is only in case of self occupied property.!!!!!!!!