28 December 2012
sir, if mr.a eligible to take RS150000 DEDUCTION OF INTEREST U/S24 HOUSE IS LET OUT FOR 3 MONTHS AND SELFOCCUPIED FOR 9 MONTHS AND INTEREST P.M IS RS 20000 AND INTEREST OF PRE ACQUISITION PERIOD PER YEAR IS RS60000 (300000/5)
SIR PLEASE TELL HOW MUCH AMOUNT CAN MR.A CLAIM ???
28 December 2012
If the property is let out for part of the year and on rent for other part, then it will be regarded as let out for the full year (Sec 23 (3).
Therefore you can claim rs 20000*12 = 240000 and Rs 60000 of pre period.
28 December 2012
SIR IF IN CO OWNED HOUSE TOTAL AMOUNT OF PRINCIPLE AMOUNT PAID IS RS 80000 CAN EACH CO OWNER AVAIL DEDUCTION OF RS 80000 U/S 80C LIKE HOUSE PROPERTY????
28 December 2012
if the total repayment of the loan is rs 80000/- only then how can each co owner can claim rs 80000/- each. the deduction cannot exceed the amount paid.
Rs 80000/- u/s 80c will be allowed to co owner in their respective share.
28 December 2012
SIR MR. VAIBHAV SAID INTEREST PAID IS ALSO SHARED AMONG CO OWNER IN THEIR RESPECTIVE SHARE BUT AS PER SECTION 26 EACH CO OWNER SHALL BE ENTITLED TO DEDUCTION OF 30000/150000 AS THE CASE MAY BE..
SIR PLEASE CLARIFY??(IF TOTAL INTEREST IS RS 150000)
29 December 2012
The deduction is subject to total actual payment of interest.
for example :- Share of co owner 20:30:50 and interest payment is Rs 400000/- then each co owner will be allowed rs 80000, 120000, 150000 (share comes to rs 200000 but max can get rs 150000)respectively.
CAclubindia
