How much deduction each owner can take in case a residential self occupied property is jointly owned by two persons? whether both can take deduction upto threshold limit of Rs. 1.50 Lacs or it has to be divided equally between both?
Abhishek Maheshwari (Practise) (38 Points)
27 December 2013How much deduction each owner can take in case a residential self occupied property is jointly owned by two persons? whether both can take deduction upto threshold limit of Rs. 1.50 Lacs or it has to be divided equally between both?
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 December 2013
No, both are eligible to avail deduction of Rs. 150,000/- each.
Suman Kumawat
(Article)
(612 Points)
Replied 27 December 2013
ChanderMohan Garg
(student)
(24 Points)
Replied 27 December 2013
manoj
(student)
(5205 Points)
Replied 28 December 2013
each of them will get 150000
also loan is taken in 2013-14 fy and the loan amount is upto 2500000 and property amount is upto 4000000 than they can get additional deduction of 100000 u/s 80EE
Ajit Yadav
(CS Executive)
(149 Points)
Replied 29 December 2013
Pradeep Gupta
(Accounts Manager)
(298 Points)
Replied 29 December 2013
| Originally posted by : Abhishek Maheshwari | ||
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How much deduction each owner can take in case a residential self occupied property is jointly owned by two persons? whether both can take deduction upto threshold limit of Rs. 1.50 Lacs or it has to be divided equally between both? |  |
Sec. 24 deals with the deduction for Interest on Loan taken for Acquisition, Purchase, Construction, Repairs, Renewals, or reconstruction. If the loan is taken on or after 01/04/1999 then Deduction will be allowed as follows:-
For Constuction/Acquisition: (A) Property is self occupied = Max deduction Rs.1.50 Lacs
(B) Property is let out = Max deduction - No Limit
For Repairs/Renewals/Reconstruction: (A) Property is self occupied = Max deduction Rs.30 K
(B) Property is let out = Max deduction - No Limit
In case of Joint Owner: Seperate deduction to each Co-owner i.e., Rs.1.50 Lacs to each
CA Dhruva Kalamanji
(Chartered Accountant )
(1996 Points)
Replied 29 December 2013
Hi maheshwari,
Each person who is repaying the amount can avail full deuction u/s 24 and also a further deduction u/s 80C and 80 EE separately without any division b/w the joint holder.
sarath
(CA)
(82 Points)
Replied 06 January 2014
Yes both the CO-Owners are Eligible for 'Deduction under section 24'. Refer the section Analysis & 'TAX PLANNING of Section 26 i.e for Co-owners on the Link:https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-26
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