Can each Co-owners claim Interest on Home loan Rs. 150000

This query is : Resolved

Rajendra (Querist)
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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.

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)
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07 March 2009 Yes, They can Section 26 read with the provision of 24(b) allow for each co-owner. For husband max. limit 1.5L and for wife 1.5L.

SHIKHA AGRAWAL

SHIKHA AGRAWAL (Expert)
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07 March 2009 Yes both husband and wife can claim interest deduction of 150,000 each u/s 24(a) and principal repayment u/s 80c

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CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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07 March 2009 Yes, both can claim.

Sanjay Soni

Sanjay Soni (Expert)
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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