Housing loan interest exemption limit

Deepak Chauhan (Accountant) (39 Points)

17 February 2012  

If housing loan installment of a single property (owned by husband and wife jointly) paid by husband and wife both and Loan interest is more than 150000/-. How much interest is eligible for deduction for  each of them? i mean if the interest is 154000/- then both husband and wife can claim 77000/- or 50% of the max. limit i. e. 75000/- in their individual return?