venkata krishna reddy (chartered accountant) (792 Points)
27 January 2016my clients(Both wife & husband) taken a housing loan and paid Rs.542565/- as interest in F.Y.2014-15. how to considered it in I.T.Return.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 27 January 2016
Both of them can claim u/s 24, the interest paid proprotionate to their share in the property, provided both are co-owners to it. If such property is self occupied then max limit of deduction in each case is Rs.2 lacs (that means max Rs.4 lacs for SOP). For let out property, no such limit.
CAclubindia
