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Deduction of housing loan interest u/s 24(b)

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(Querist)
13 December 2010 Respected Experts,

Could you please advice on below mentioned query:

Q1: If housing loan is taken in joint name (i.e. either Husband & Wife or Father & Son), then is it possible for both of them to claim housing loan interest of Rs. 150000/- each u/s 24 (B) considering that the property is self occupied.

Thank you.

- Rahul
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 December 2010 In cases where the house is owned by more than one person and is also self-occupied by each co-owner, each co-owner is entitled to the deduction individually on account of interest on borrowed money up to Rs 1.50 lakh per annum.
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