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House property interest

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 May 2011 My spouse and I are joint owners of a house constructed by availing housing loan separately. Are we both individually/separately entitled for deduction of the maximum interest payable of Rs.1.5 lakh?

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Amit Bohra

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Amit Bohra (Expert)
28 May 2011
A person may claim deduction from income (under the head “house property”) for interest payable in India on housing loan, if such loan is taken for acquiring, constructing, reconstructing, repairing or renovating a property.

In your case, asuming both are repaying the housing loan then Yes, both will get the deduction of interst payment on housing loan up to 1.5 lakhs.
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 May 2011 means 1.5 lacs claiming exemption by each person (total deduction Rs. 3 lacs ?)
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
29 May 2011 DEDUCTION IS ALLOWABLE FOR INTEREST PAYABLE
OR 150000 WHICHEVER IS LESS
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