Dear Friends,
If the house is in the names of Joint owners for Self Occupaid , whether Each can claim Rs 1,50,000 or Proportionately?
6 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 07 March 2011
both can claim proportionate but each one has limit of 1.5 lacs means total ceiling is 1.5 lacs x2
SANJAY
(CHARTERED ACCOUNTANTS)
(943 Points)
Replied 08 March 2011
AGREE WITH MR. U S SHARMA... EACH HAS ALIMIT OF Rs. 1.5 LACS.. BUT CAN CLAIM PROPORTIONATELY...
Madhav V Mahajan
(Manager - Finance)
(34 Points)
Replied 08 March 2011
In case joint owners of two different houses, who has availed housing loan in the joint name both are repaying the housing loan equally. Both are staying in different houses.
Do both of them need to consider the one house as Deemed to be let out and declare Notional Rent while computing the tax liability?
D K BAYYAREDDY
(CHARTERED ACCOUNTANT)
(52 Points)
Replied 08 March 2011
Both will have ceiling of rs. 1.5 lakh each and shared proportionately.
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