S.24(b) Co-owners with unspecified shares entitled to equal interest deduction

Brief of the Case

Punjab and Haryana High Court held In the case of Priya Mahajan vs. Commissioner of Income Tax (Appeals), Chandigarh and another that the lower authorities have concurrently recorded that since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4^th deduction, i.e.

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