Loss from House Property

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  1. vaibhavj25

    vaibhavj25 New Member

    Hi,
    Me and my spouse have availed the joint home loan.
    We are paying 5 lakhs as interest towards home loan EMI per annum.
    Can we both avail the Loss from House Property as 2 lakhs each.
     
  2. ZED

    ZED Well-Known Member

    If both of you are paying the loan and both of you are owner and have definitive share, then each co-owner can claim the deduction.

    As per S.26
    Where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their respective shares are definite and ascertainable, such persons shall not in respect of such property be assessed as an association of persons, but the share of each such person in the income from the property as computed in accordance with sections 22 to 25 shall be included in his total income.

    Explanation.—For the purposes of this section, in applying the provisions of sub-section (2) of section 23 for computing the share of each such person as is referred to in this section, such share shall be computed, as if each such person is individually entitled to the relief provided in that sub-section.

    As per the above provision, S.22-25 are covered, which includes S.24 which is for interest deduction.
     
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