Interest on Loan

This query is : Resolved

Sandeep Sharma (Querist)
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22 April 2009 Hi,
If the house property is self occupied & it is owned by both Husband & wife. They both are paying interest on laon taken for HP. Can they both avail the deduction of 1.5 lacs each for the interest part if the interest paid in PY exceeds 3 lacs.

Sandeep

CA. Mahesh Agarwal

CA. Mahesh Agarwal (Expert)
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22 April 2009 yes they can take the benefit individually in proportion to their share in ownership of house.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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22 April 2009 Yes, Both of them can avail exemption up to Rs. 150000 individually, provided both pof them paid the rent or rent accrue to both of them

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