Interest on home loan

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Dear Expert,

If there are four partners in a property and one home loan taken, how many deduction of interest will be allowed to all the parties individually  since total interest paid in a FY is Rs. 8 Lacs. On the other hand if all the four parties purchase separate property and take home loan separately, what amount of maximum deduction of interest on loan be allowable to all the parties?

Replies (2)

Maximum 2 lakh rupees available to all of them and it is bifurcated on the basis of your holding in that loan

On the other hand if all the four parties purchase separate property and take home loan separately, what amount of maximum deduction of interest on loan be allowable to all the parties?

Each one get maximum 2 lakh interest deduction

Every co-party is entitled for deduction of interest maximum up to Rs. 2 Lakh. Either they took loan on joint property or separate property


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