interest on housing loan

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kanchan (Querist)

28 December 2010 sir,
A person took a housing loan in joint name and the interest on housing loan is Rs.302000/-. My query is
a) Rs.150000/- is available to each person or not.

CA Madhu Soodan Tapuriah

CA Madhu Soodan Tapuriah (Expert)

28 December 2010 In your case it has to be seen whether the house is owned in the joint names also.If that be the case,both owners can claim deduction of Rs 1.50 lacs provided they have paid the interest individually

CS LLB Pulkit Gupta

CS LLB Pulkit Gupta (Expert)

28 December 2010 This deduction is only available to owner of house. Your question is not clear regarding ownership of house. If they are co-owners then "Where the House property owned by co owners is self occupied by each of the co owners, the annual value of the house property of each co owners will be nil & each co owner shall be entitle to a deduction of Rs. 30000 or Rs. 150000 as the case may be u/s 24 b on account of Interest on borrowed capital "

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