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2015 (12) TMI 685 - AT - Income TaxDeduction on interest of housing loan u/s 24(b) - Assessing Officer restricted it to 25% and 75% of the property is belongs to other co-owners - Held that:- In the instant case, the plot was purchased by four persons and their shares are not specified in the sale deed. Even the housing loan had also been taken jointly by the same four persons, therefore, the authorities below were justified in holding that since the individual shares were not specified in the sale deed, the logical conclusion is that everyone had equal share in the property. It is also relevant to state here that the assessee has claimed that she has invested for purchase / construction of the house property, but no evidence in support of this stand is available on records. Considering the entire facts and circumstances of the present case, fully agree with the observations of the CIT(A) that the allowable interest to the assessee will be 25% of the entire interest and the Assessing Officer was justified in his action. - Decided against assessee.
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