28 December 2014
the doubt is regarding sec.24 as per self occupied property .
if both husband & wife are employed & have their own income. property is co owned. interest on borrowed capital is 100000. whether husband or wife can claim proportionately or either of them can claim the entire amt considering dedn u/s 24 is 200000.
28 December 2014
The husband and wife can claim their respective share as an interest deduction. In your case, if the property is equally owned by them and total interest on Borrowed capital is 2,00,000/-, then both are entitled to claim 1,00,000/- as deduction in their ITRs
Read Section 26 along with section 24:
"Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income."
29 December 2014
income will be computed according to the share and they are indivicual pay his/her share of loan then you have to calim the intt. principle according to his/her share.
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