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Rebate of interest on housing loan

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(Querist)
02 March 2012 I have a query against a tax investment papers submitted by one of our employee. he has a housing loan against his self occupied property in which his wife is joint partner and the total payout for interest component for 11-12 is 240000/- they both are requesting rebate for 50% each i.e 120000 by husband & 120000 by wife separately. Is it correct to provide the rebate like this, as far we think the total rebate can’t be exceeds 150000 PA means both can claim a maximum of 75000 each for 150000 by single person in a year. Pls help.
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CA.rajni kalsariya

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CA.rajni kalsariya (Expert)
02 March 2012 rebate allowed to both husband & wife and both can claim rs.120000 as rebate becase limit of 150000 is per person and not per house.
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Guest

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Guest (Expert)
02 March 2012 The deduction is per person not per house. So 1,50,000 deduction available to each co-owner.
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anurag

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anurag (Expert)
02 March 2012 Agree with the expert.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 March 2012 Wife should necessarily have an Ownership in the house so as to have a claim for interest u/s 24(b) of the income tax Act,1961.
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