Home Loan Interest deduction on House Property under co-ownership

Shardaben Bhavani Vs ITO (ITAT Mumbai) From a conjoint reading of section 24 read with section 22, it can safely be concluded that the deduction under section 24(b) is to be allowed to the owner of property as regards interest payable on amounts borrowed by him for acquiring, constructing, repairing, renewal or reconstruction of the property. Thus, in the backdrop of the aforesaid settled position of law, now when assessee,her son and husband were joint owners of the flat and had, as co-borrowers, raised loan for purchase of the property.  AO was directed to allow deduction of the interest on...