House property income

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manoj raj minz (Querist)
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10 October 2013 If, The house property is owned by both husband and wife & housing loan was sanctioned in the name of both. Then for the self occupied house property whether both can claim deduction towards interest payment payment separately, 1.5 lacs for husband & 1.5 lacs for wife, or only one can avail such deduction subject to maximum limit of 1.5 lacs.

please give your valuable guidance in the light of section 26 of the IT Act 1961.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 October 2013 While own the house property as joint owners, both owners has right to claim the interest deduction u/s.24b Rs.1.50 lakh each owner for self occupied property

CA Pallav Singhania

CA Pallav Singhania (Expert)
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10 October 2013 The person, who is repaying the loan, is eligible to claim the interst u/s 24b & principal u/s. 80C.
If the EMI is paid from the joint account of husband & wife, both can individually claim interest upto a maximum of 1,50,000(self occupied property). Remember that loan should also be in the name of both.

manoj raj minz

manoj raj minz (Querist)
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11 October 2013 Thanks both of you for your valuable guidance.

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