Housing loan interest

Vinayak K Krishna (Accounts Executive) (92 Points)

26 April 2016  

Hai all

One of my staff pays  interest on a Joint Housing Loan with Her Husband Rs.400,000/-pa.  As per rule Only 200,000 Can be claimed. She has ownership of 50% in the property also. My querry is  Whether she can claim 2,00,000  and her husband can claim Rs.200,000/-or Both of them can only Rs.1,00,000/- each.Income tax department on a spot verification of  tax declaration,  directed us to  allow claim on ownership basis only