Deduction u/s 24(b) of income tax act in case of co-owners
This query is : Resolved
Abin Sebastian
(Querist)
28 July 2016
I would like to know the amount of deduction available to an individual under sec 24(b) in case of interest on loan on house property where the loan is acquired jointly by husband and wife. What is the deduction available to both the individual?
Ganeshbabu K
(Expert)
28 July 2016
husband and wife individually can get maximum taxbenift of upto rs 150000 u/s 80C for principal repayment and 200000 u/s 24(b) for interest paid on home loan
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Abin Sebastian
(Querist)
10 August 2016
Thank you Sir. I would also like to know weather the case will be same if the loan is not taken on a joint account but there is a joint ownership on the house property.
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