Ganesh and Rajesh are co-owners of a self-occupied property. They
own 50% share each. The interest paid by each co-owner during the
previous year 2021-2 on loan (taken for acquisition of property during
the year 2004) is ` 2,05,000. The amount of allowable deduction in
respect of each co-owner is –
When loan borrowed for self aquired property on or after 1-4-1999
_ for acquisition or for construction which such construction should complete within 5years
from the end of financial year loan borrowed
_. limit upto 2,00,000 allowed as deduction (upto 2 self acquired properties)
therefore each co-owner allowed to take deduction upto Rs. 1,00,000
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