07 September 2010
Mr A and his Wife have taken a housing loan in their joint names for a self occupied house which is also in their joint names. The interest amount on loan is 335000. My A and his wife , both are taxpayers. My question is whether they both can claim house property loss of Rs 150000 individually?
07 September 2010
Deduction is separately allowable to each co-owner - After each of the co-owners is allocated his share in the income of the joint property, it becomes an income from the house property within the meaning of sections 22 and 23. From that income again each of these owners is entitled to deductions under section 24 individually - CIT v. Abdullabhai M. Moonim [1981] 132 ITR 642 (Bom.).
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