Deduction u/s 24(b) to Co-Owners

hi saurab,

          If two people co-own a house property if there share defined and registered then they are taxable proportionately to their share of income from house property u/s 26.

         calulate GAV & NAV as if it  owned by a single owner and give deduciton u/s 24(b) as applicable and calculate total income under head "Income from House property" and proportionate the income as per their share.

but if share of co-owners are not defined and not registered it is taxable in hands of that co-owner whose income before adding such income from House property is higher.

reg

Ajay

ICWA-inter

agree with u

dear saurabh

1.in case of definate share- each co ownner is entitled to get a deduction of rs.150000 but generally in practical life the actual interest is very low of that amount.but if yes then each co owner can cliam 150000 each.

2.in case of not definate share- they can get a maximum deduction of rs. 150000 in aggregrate.

regards

tarun rustagi

IN CASE OF CO-OWNERSHIP THE RESPECTIVE PORTION OF EACH CO -OWNER IS SPECIFIED THEN THE INCOME FROM HOUSE PROPERTY WOULD BE CALCULATED ON THE BASIS OF THERE RESPECTIVE PORTION AND A MAXIMUM DEDUCTION OF Rs 150000 WOULD BE ALLOWED IN CASE OF SOP . BUT IF THE SHARE OF CO- OWNERS IS NOT SPECIFIED THEN IT  WOULD BE TAXABLE AS AN ASSOCIATION OF  PERSONS  

m still confused as regards to answer given by tarun

hw each f dem can claim 150000

if dat wud hv been d case den people will purchase 1 house keep deir share indetermined n claim 300000 mutually............

golden rule 1 house-max exemtion to be claimed= 150000

Dear Freinds,

In case of co-owners deduction under section 24(b) is given in proportionate of the amount of installments(emi)  paid by each owner. However limit of Rs 150,000 is given to each individual seperately.

in case of co-owner deduction u/s 24b is allowed rs. 150000. but if the share of co-owner is defined than deduction is allowed rs. 150000 to each co owner.

Dear collegue

deduction under section 24 (b) in case of coowner of property-------- Deduction is availiable to both coowner to the extent 150000/- seperately to each other.

Income tax act does not provide anywhere that deduction is limited to the extent of coowner; shares in the property, it provides only for the deduction of intrest taken for house property and this is availiable to the owner of the property. as there is coowner of house property they are entitled to deduction to the extent 150000/- each.

This is prevailed practice in the market to save income tax and thats why most of the Tax experts advice for taking house loan in joint name.

dear friend ( sealed....) i hope ur query is resolved by the other replies so i think there is no need for me to submit reply to ur query.u are just thinking about the amount of deduction and not thinking that AO  will be able to  know the details of ur one more property.80 % of the people does not disclosing their property to IT dept.there are also some other issue.

and as said by me usually the interest amount is very low of that amount.

the actual interest is divided among each co owner and each co owner is entitled to claim of deduction of rs.150000 individually.

regards

tarun rustagi

thanx........ every1 out here

:)

suppose a n his father has taken home loan mutually

a purchases house in his own name

can his father claim interest deduction u/s 24(b)

No I don’t think the deduction u/s 24 (b) can be availed by father.

Deduction is available only if you have Income from that House property on which loan has been obtained (whether it is let out or self occupied-NIL Income). In absence of ownership of property how can you claim the deduction.

Suppose, You own a Car. How can your father claim depreciation on the car which is owned by you.

xactly

dis is d answer i was xpecting

had read dis case in et