House property

This query is : Resolved

Ritesh (Querist)
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13 February 2014 Dear Reader I got the message in mobile from CPC Bangalore It Department that My ITR For 2013-2014 has been processed and Order U/S 143(1) Will be sent .

What does it mean please clearify it

yogita mishra

yogita mishra (Querist)
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13 February 2014 For a jointly ownwed self occupied House Property where the loan is jointly taken by the owners whether the claim of deduction of the limit of Rs.150000 u/s 24(b)is available per H.P or per owner?
Will the joint owners get the deduction of 75,000 or 1,50,000 each?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 it means what return u filed is accepted by it dept.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 February 2014 the limit of Rs 1.5 lakhs is available to each of the owner irrespective of the number of owners.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 February 2014 issue of 143(1) that your return was processed by the income tax department. Now wait for the order, check whether the income tax department has properly considered your return. check if any demand has been raised. in case of refund ensure that right credit has been given. often it happens that short TDS credit is granted on account of various reasons. If there is any such mistake, immediately file for rectification under section 154.

if everything is ok, then be happy!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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13 February 2014 both can take shelter of 1.5 lakhs each as deduction u/s 24(b).