deduction of House property

If they are joint holders of property & the sum is jointly paid by them then the both party can get deduction as per their holding in property.

for eg House loan 10lac int paid by them is 1 lac for C.Y then 50,000 deduction each for both of them 

yes both husband and wife can claim but not excceding the threshold limit fixed by act

thanks

 /forum/messages/2009/11/56965_housing_loan_interest.asp

Check this out....

no the deduction is only claim by assesse for the payment of int on loan. his/her spouse can not take deduction because his/her not the co-owner of the property. both of them claim deduction if both pay int on loan & both have definite share in that property 

as u asked in your question that husband is the owner............so in house property deductions is always available to the owner of property weather he is a owner or a co- owner.......

so deduction is not allowed as per payment or purchased basis it is allowed on ownership basis propotionately...........

so Mr. Mitesh & Sivram pls clearify your points once again and correct me if im wrong

Following points are noted:

1. Assessee is the alone owner of the house property..

2. Assessee has taken housing loan along with his wife...

SO in this present case Deduction of housing loan int and principal can be availed only by d assessee and not by his wife as she is not d owner....

Dear Mayur, In the given case only Assessee shall be allowed deduction as he is the single owner of the property.

How one can get deduction in respect of what is not owned by him or her? It's simple dear.

husband and wife living  together i think both can claim interest and principal though husband is the owner but if they are living apart then not possible .I have been told some case law exists on this can any one throw light on this

 Even i guess it should be co owned and the loan should also be in both their names..And i think both assessee and spouse needs interest certificates in their names as evidence to prove the claim if am nt wrong...

Interest on Loan for house property is allowed u/s 24,

and payment of principal is allowed u/s 80 as deduction from GTI.

first point- house is owned by husband only.

house property income of wife will be nil. So how will she claim deduction u/s 24 ????

So only husband can claim Interest paid on loan. wife cant bcoz she dont have income from said house.

now come to sec 80. here both of them can claim Principal payment because both of them have taken loan in their name. but if ownership is condition for claiming then wife cant. i dont know about this condition. i think for principal payment both can claim.