24 April 2016
Assuming the co-owners share is 50% in each of the property Mr.AB is entitled to 50% of the Interest paid. It is also assumed that both the co-owners are co-borrowers.
In case 1 - Rs. 1,37,500 In case 2 - Rs. 1.00,000 (restricted to Rs.2,00,000) In case 3 - Rs. 37,500 (u/s 80C - overall limit Rs.1,50,000 with other tax saving investments).
Mrs.BB will also be eligible for similar exemption.
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