Deduction ubder section 24(b) if it act-1961
This query is : Resolved
17 May 2013
I have a house at at my native place received in participation of joint family, the house is in village and obviously not registered in name of any one but it is owned by me, I purchased a flat in a city that is registered in my & my spouse name, I am paying approx 2,40,000/-p.a.interest on laon taken to acquire the flat. presently both houses are being occupied by me, can I show my flat as "deemed let out" and claim the all interest chargeable amount as deduction under section 24(b) of IT act. (remember that my one house is in village and not registered)if it is so please mention the caselaw/rule or section of IT act, thanks in advance.
20 May 2013
It appears that one house at village is ancestral HP received in family partition, it will be assessed under HUF status. Investment for Other property purchased by you and your wife is out of your personal income it will be assessed in individual status. If new house is self occoupied, deduction available will be restricted to 150000/- to each or in ratio of share.
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