Ganesh and Rajesh are co-owners of a self-occupied property. They
own 50% share each. The interest paid by each co-owner during the
previous year 2021-2 on loan (taken for acquisition of property during
the year 2004) is ` 2,05,000. The amount of allowable deduction in
respect of each co-owner is –
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Income under the head of house property
Replies (5)
Quick Summary
When loan borrowed for self aquired property on or after 1-4-1999
_ for acquisition or for construction which such construction should complete within 5years
from the end of financial year loan borrowed
_. limit upto 2,00,000 allowed as deduction (upto 2 self acquired properties)
therefore each co-owner allowed to take deduction upto Rs. 1,00,000
_ for acquisition or for construction which such construction should complete within 5years
from the end of financial year loan borrowed
_. limit upto 2,00,000 allowed as deduction (upto 2 self acquired properties)
therefore each co-owner allowed to take deduction upto Rs. 1,00,000
Yes..
but in ICAI MCQ booklet answer is rs. 200000
but in ICAI MCQ booklet answer is rs. 200000
In case of co owned property (calculating as single owner property) - it's 2lakhs
but for calculating for each co owner its taken as 1lakh each
but for calculating for each co owner its taken as 1lakh each
But according to question which I asked correct answer is 100000
No ,Rs.100000 Answer is wrong , as per income tax act , " if a SOP property is owned by joint owners , EACH CO OWNER Shall be entitled for a deduction on interest of borrowed capital of Rs.30000 or Rs.200000 as the case may be .
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