Mr. X and his brother jointly own a bungalow. They had taken a housing loan to purchase the bungalow. The loan is sanctioned in the name of Mr. X and his brother in the year 2015. Interest on housing loan for the P.Y. 2020-21 amounted to ₹ 5,00,000 which is paid by Mr. X (₹ 2,50,000) and his brother (₹ 2 ,50,000). The bungalow is used by them for their residence. In this case, what will be the amount of deduction available under section 24(b) to Mr. X and his brother
A. ₹ 30,000 each
B. ₹ 2,00,000 each
C. ₹ 2,50,000 each
D. ₹ 5,00,000 each
Answer:B
Mr. X and his brother jointly own a bungalow. They had taken a housing loan to purchase the bungalow. The loan is sanctioned in the name of Mr. X and his brother in the year 2015. Interest on housing loan for the P.Y. 2020-21 amounted to ₹ 5,00,000 which is paid by Mr. X (₹ 2,50,000) and his brother (₹ 2 ,50,000). The bungalow is used by them for their residence. In this case, what will be the amount of deduction available under section 24(b) to Mr. X and his brother
A. ₹ 30,000 each B. ₹ 2,00,000 each C. ₹ 2,50,000 each D. ₹ 5,00,000 each