My friend working as DDO in a Central Government Research Organisation, while in general discussion, told that he refused a employee's plea for Rs.1. 50 lakhs loss on housing for the self occupied property . she had submitted the interest certificate from the bank for Rs.4.00 lakhs and odd as the property is jointly owned with her spouse who is working in an IT Company. His contentions is only Rs.1.50 lakhs is eligible under self occupied (Both combined) and therefore her spouse has to give a certificate that he is claiming Rs.75,000/- or not claiming at all to get the benefit of Rs.1.50 lakhs at one end. How this is corrrect?
My question is why they can't claim separately Rs.1.50 lakhs each maximum eligible as they have paid more than four lakhs as interest alone for the property. and
Whether the question of recovering the EMI part from the bank to be made from both to get the benefit?
CAclubindia
