Interest on home loan

CA Suraj Prasad Shaw (Chartered Accountant) (504 Points)

16 September 2013  

There is a House property, which is in the name of both husband & wife.

Hoam loan is also taken in the name of both husband & wife..

EMI are also paid by both through joint account.

Whether benefit of Rs.150000/- of interest as deduction from Income will be enjoyed by both husband & wife and benefit of principal repayment of Rs.100000/- in sec 80C will be enjoyed by both Husband & wife.

Expert please advice.