A client has received a notice from the Income Tax dept regarding Interest on Housing Loan claimed by him in the A.Y.2006-07. The facts are as follows;
Mr.S & Mrs. S jointly hold a House property in Chennai which is self occupied by both. Mrs.S, whose income is more than Mr.S's income is a co owner to the property. She is also the co borrower to a Housing Loan . Interest for that year of Rs. 76,229/- was paid fully by Mr.S from his A/c.
Can Mr.S claim the entire amount u/s 24 or should it compulsarily be claimed by both? If it is to be claimed by both, then in what proportion?
Is there any case law in support of the same?
Kindly advice me on the same.
CAclubindia
