Deduction of interest paid u/s 24

No, both are eligible to avail deduction of Rs. 150,000/- each.

each of them will get 150000

also loan is taken in 2013-14 fy and the loan amount is upto 2500000 and property amount is upto 4000000 than they can get additional deduction of 100000 u/s 80EE

Originally posted by : Abhishek Maheshwari
	How much deduction each owner can take in case a residential self occupied property is jointly owned by two persons? whether both can take deduction upto threshold limit of Rs. 1.50 Lacs or it has to be divided equally between both?

Sec. 24 deals with the deduction for Interest on Loan taken for Acquisition, Purchase, Construction, Repairs, Renewals, or reconstruction. If the loan is taken on or after 01/04/1999 then Deduction will be allowed as follows:-

For Constuction/Acquisition: (A) Property is self occupied = Max deduction Rs.1.50 Lacs

                                          (B) Property is let out =  Max deduction - No Limit

For Repairs/Renewals/Reconstruction: (A) Property is self occupied =  Max deduction Rs.30 K

                                                        (B) Property is let out = Max deduction - No Limit

In case of Joint Owner: Seperate deduction to each Co-owner i.e., Rs.1.50 Lacs to each

Hi maheshwari,

Each person who is repaying the amount can avail full deuction u/s 24 and also a further deduction u/s 80C and 80 EE separately without any division b/w the joint holder.

Yes both the CO-Owners are Eligible for 'Deduction under section 24'. Refer the section Analysis & 'TAX PLANNING of  Section 26 i.e for Co-owners on the Link:https://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-26