home loan interest

To claim interest subsidy the assessee should be co-owner of the house property along with co-applicant of home loan.

No.

As per sec. 24b of IT act, from AY 2018-19, the maximum allowable deduction for interest on house property has been capped at Rs. 200,000 (Rs. 2 lakh only).

This limit of Rs. 2 lakh is applicable to each taxpayer and is the maximum deduction available for interest paid on all properties owned by the taxpayer.

Hi Govind, 

You both together can avail home loan tax benefits only when you are your wife are applying for a joint home loan, and the house is on the name of both of you. To avail these tax benefits, there are numbers of criteria and guidelines that both need to follow. You can read the guidelines of joint home loan tax benefits from here.