Whether limit of Rs. 2 Lacs specified on interest for self occupied property under second proviso to Section 24 of Income Tax Act is per property or per assessee? In other words, if a self occupied flat is in the name of husband and wife (share 50% each) and interest on loan is Rs. 3.50 Lacs, will the total deduction be restricted to Rs. 2 Lacs or both, husband and wife can avail Rs. 1.75 Lacs deduction each?
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Interest on loan for self occupied house property
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"husband and wife can avail Rs. 1.75 Lacs deduction each?"
Yes, if both are joint owners of property and co-borrower of home loan; subject to the amount of contribution of EMI.
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