Interest on housing loan

This query is : Resolved

Sripal Reddy (Querist)
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25 June 2015 Our housing loan taken from bank on my self and my spouse name.
Interest on Housing loan Rs.400,000/-

this interest can we take Rs.200,000/- in my ITR returns under Inst on housing loan column and can we take remaining inst Rs.200,000/- on my spouse ITR.

please advice

from
Sripal Reddy

CMA Ashutosh Kumar Gupta

CMA Ashutosh Kumar Gupta (Expert)
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25 June 2015 •Tax benefits get divided among co-applicants in case of a joint loan
•The division takes place in the same proportion in which the asset is owned by each co-applicant
•Each co-applicant can claim a maximum tax rebate of up to Rs. 1.50 lakh (One Lakh up to AY 2014-15) for principal repayment and Rs. 2 lakh (1.50 Lakh up to AY 2014-15)) for interest payment.
•The very first condition is the house property has to be bought by the individuals jointly, and this should be in their joint names.
•The share of each holder should be clearly mentioned so that there is absolute clarity on the percentage ownership of each co-owner.