Two house in joint name, both let-out?

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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2013 Hello Sir,

I have two residential properties. Both are in joint-names in equal proportion. Both are let-out.

My questions are:-
how to calculate income?
Both persons can individually claim 1.5 lac benefit?

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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02 March 2013 Rents income earned from such property shall be distribute between both persons equally from that portion deduction municipality taxes(house property tax) at equally for both from deduct interest on housing loan if any equally for the both. The balancing figure represents Income chargeable under the head Income from House Property.

Note for the let of property claiming of exemption under section 24(b) i.e interest on housing property there is no maximum limit prescribed. So at any amount of interest on housing loan shall be deduct from the rents received.

For any further clarification Please write.

OM SAI SRI SAI JAI JAI SAI

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Agree with expert..

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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2013 Thank you experts for your answers.

I was of the same opinion but when I searched on Income Tax website's FAQ

http://www.incometaxindia.gov.in/questionbank.htm#G95

Question 94 is regarding the same.

Please clarify??

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Hi

Its talking abt one single property & we are discussing on 2 house property.

Thanks!!