Tushar Mahendru (Learner) (125 Points)
28 January 2011Hi All,
In case of joint ownership of property, whether inetrest on loan taken for property will be allowed to both the owners. I mean 1,50,000 deduction to each of the owner..
I have came across persons claiming the same.
Pls post your vies and if there is any decided case law on the subject.
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 January 2011
Yes both the owners can claim deduction of 1,50,000.00
Tushar Mahendru
(Learner)
(125 Points)
Replied 28 January 2011
@ Pankaj,
Its confirm that deduction can be claimed by both.
My query is whether 1,50,000 is allowed to both of the owners totalling it to Rs 3,00,000.
Pankaj Arora
(Learner)
(3134 Points)
Replied 28 January 2011
No both can claim half interest of 1.50Lac i.e. 75000 each.
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