Deduction in Income from House Property

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Rajesham (Querist)

07 February 2009 Dear professional couligues

house property is registered in the names of both the persons wife and husband.
they have housing loan and they have paid total amount of Rs.5,50,000.00 in the f.y 2008-09, it consist of Rs.3.5lakhs towards interest and 2.00lakhs towards Principal
Housing loan is also having in both the names.

now my Question is

are both wife and husband equally eligible to get the deduction is as follows?
Rs.1,50,000 each U/s.24 as interest and Rs.1,00,000.00 each as principal U/s 80C of I.T. act

please reply me

thanks and regards
Rajesh

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)

07 February 2009 Yes both are elibible for deductions. However the deduction will be based on bankder's certificate. Further while sanctioning loan based on the income of each individual loan will be arrived and summed up. Based on that ratio you should claim the interest and principal repayment.

Rajesham

Rajesham (Querist)

07 February 2009 Thank you very much

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