07 March 2009
Husband & Wife are co-owners of the property purchased thru Home Loan. Both the persons are working and Home loan is taken jointly. Will the limit of Rs. 1,50,000 apply individualy to both of them ( i.e Total deduction will be Rs.3,00,000) or will the total deduction restricted to Rs. 1,50,000.
09 March 2009
yes both can claim deduction of Rs.150000 saparatly that is to say Rs.300000/- in total and further note that if the property jointly owned and loan taken jointly for more than 2 person in that case also each one can claim deduction of Rs.150000/- individually and subject to total interest actually paid
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