08 August 2012
I have one client, they are 3 brothers they have constucted a house property in which all the three are resides one each floor. They have taken a housing loan form State Bank of India. All of them is paying installment and interest from his own capital and the interest comes around Rs 5,00,000. So we are taking exemption of Rs 1,50,000 from all the assessee as the limit for the Housing loan interest exemption is Rs 1,50,000 Per assessee but now the assessing officer is saying that limit of 1,50,000 is for one property and no one of them can claim a deduction of more then Rs 50,000 i.e. Rs 1,50,000 for all the brothers.
Please clear this query as the officer is saying he will taxed the amount.
08 August 2012
the limit of Rs. 150000/- is for each individual not for individual property. in your case u claim total Rs. 450000/- from total interest paid i.e. Rs. 150000/- each brother
CAclubindia
