02 March 2013
Rents income earned from such property shall be distribute between both persons equally from that portion deduction municipality taxes(house property tax) at equally for both from deduct interest on housing loan if any equally for the both. The balancing figure represents Income chargeable under the head Income from House Property.
Note for the let of property claiming of exemption under section 24(b) i.e interest on housing property there is no maximum limit prescribed. So at any amount of interest on housing loan shall be deduct from the rents received.