Friends
I have a question on income tax.
A home loan is jointly taken Mr. F and his son Mr. S and the interest on loan paid to financial institution is Rs 10,000 in FY 2014-15 from joint account. In this scenario, is both the individual tax payers allowed a deduction of Rs 10,000/- each under section 24 of the IT Act 1961. Or the amount of interest of Rs 10,000/- be divided in some proportion for deduction in their individual respective computations.
Suppose, the payment is made from the bank account of Mr. F. Then does the answer change.
Regards,
CA Dipjyoti Majumdar
CAclubindia
