Interest on borrowed capital under house property

venkata krishna reddy (chartered accountant)     27 January 2016

venkata krishna reddy
chartered accountant 
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my clients(Both wife & husband) taken a housing loan and  paid Rs.542565/- as interest in F.Y.2014-15. how to considered it in I.T.Return. 


Poornima Madhava (ACMA)     27 January 2016

Poornima Madhava
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Both of them can claim u/s 24, the interest paid proprotionate to their share in the property, provided both are co-owners to it. If such property is self occupied then max limit of deduction in each case is Rs.2 lacs (that means max Rs.4 lacs for SOP). For let out property, no such limit.

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vishnu bhardwaj (Tax Advocate)     27 January 2016

vishnu bhardwaj
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agree with poonam ji

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