Tax benefit - interest payment on hl - property jointly held

K.Sivakumar (Chartered Accountant) (60 Points)

24 August 2011  

Hi,

I have seen in so many forum and articles mentioning that both husband and wife can claim income tax benefit in relation to Interest paid on Housing Loan (Rs.1.5 lacs each) as long as the property and the loan is in joint name. Now in my assessment, the assessing officer is not allowing this and saying that only total of Rs.1.5 lacs what we can claim together. So I am looking for documents/case laws or circular which can be quoted in an Income Tax Assessment proceedings.  Please share urgently.

Thanks

Sivakumar.K