Housing loan interest paid on co-owned house property

Nishant (Accounts Assistant) (378 Points)

27 July 2014  

6) Dear Sirs , 

Suppose a House Property is Co-owned (50%-50%) by husband & wife

and such  House Property is ‘Let-out’ , i.e., given on rent.

And if the ‘INTEREST’ on Housing Loan –Rs.3,60,000 is paid entirlely (100%) by husband, during the current year , then should the Housing Loan Interest u/section 24  be

A) claimed by Husband fully as 3,60,000  

or

B) claimed by Husband as Rs.1,80,000 and Wife as Rs.1,80,000

Kindly reply at the earliest

Thank you