TMI BlogHousing Loan InterestX X X X Extracts X X X X X X X X Extracts X X X X ..... I want to understand that whether Rs 1,50,000 limit will be given to each respective assessee where the property has been taken in joint name and each owner is paying principal and loan amount repecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vely from their bank account. This is inspite of the fact that the unit is a single unit but in joint name. - Reply By CA Rachit Agarwal - The Reply = It all depends upon the proportionate share i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the property. If the proprtion is not definite then it would be considered as Associations of Persons rather than individuals. Hence in our opinion only the first holder to the property can avail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest exemption if the share is not definite. - Reply By DEV KUMAR KOTHARI - The Reply = It is clear that there are joint owners and they have borrowed capital. In the relevant documents the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts are likely to be clear in this regard. Therefore, each joint owner should be entitled to the relief.The reflection in books of account of joint owners is also relevant. the facts should be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omplete and clear to have afruitful group discussion. - Housing Loan Interest - Query Started By: - Rahul Bagaria Dated:- 25-2-2011 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Know ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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