Sec. 24(b) of i.tax act.
vijay
(Querist) 16 April 2012
This query is : Resolved
can huf claim deduction u/s. 24(b) of the i.t act. if his member has another res. house.?
Raj Kumar Makkad
(Expert) 16 April 2012
HUF can get such deduction in the given facts because the other house property belongs to a member individually and HUF has nothing to do with that.
Shonee Kapoor
(Expert) 16 April 2012
Nothing more to say.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Vineet
(Expert) 18 April 2012
Yes. Even otherwise, there is no restriction for claiming deduction u/s 24(b) in respect of multiple houses owned by single assessee.
C. P. CHUGH
(Expert) 19 April 2012
S 24(b) of the Act speaks about deduction in respect of interest paid on borrowed capital used for acqisition of such property the income of which is chargeable under the Head " Income from House Property" as defined in section 22/23 of the Act. Section 22 presumes income from House Property at Notional Value and in respect of Such house properties which are used for self occupancy, the notional Annual Letting Value is considered to be NIL.
Now section 24(b) provides a ceiling to the extent of deduction which can be claimed under different circumstnces viz :
a) in case the property is let out and is earning rental income, chargeable under the Head income from House Property, the whole of amount of interest is allwed as deduction.
b) in case of self occupied property the deduction available is upto Rs. 30000.00 if the amount on which such interest is paid was borrowed prior to 01-04-1999 and Rs. 150000.00 if loan was raised after that date.
