Tribunal\u00a0 held that\u00a0 a genuine arrangement could not be disregarded because it resulted or operated to minimise the assessee\u2019s tax liability. Therefore interest claimed qua the entire property could not be allowed in full against the rental income, which was qua a part of the house property. Therefore the assessee\u2019s interest claim could not be allowed in full and shall have to be suitably proportioned, even as agreed to by the assessee, restricting the interest claim relatable to the self-occupied part thereof to, as allowed, Rs. 1.50 lakhs. The assessee shall provide a reasonable basis for such allocation as well as the working of the area let. In view of the joint residence, be that no area (portion) was specified in the rent agreements. The number of family members living jointly, their living requirements \u2013 which may not be uniform, fair rental value of the property, etc., were some of the parameters which could be considered for the purpose. The Assessing Officer shall adjudicate thereon by a speaking order, giving definite reasons for being in disagreement, where so, in whole or in part, with the assessee\u2019s working, within a reasonable time.( AY.2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 24 : Income from house property – Deductions – Interest on borrowed capital \u2014 Part of self-owned house property let to unmarried son and daughter \u2014No evidence that arrangement not genuine \u2014 Loss on account of interest to be adjusted against rental income \u2014Interest on entire property not allowable as rental income part of house property. [ S.24(1)(b) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14390","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3K6","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14390"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14390\/revisions"}],"predecessor-version":[{"id":19258,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14390\/revisions\/19258"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}