Joint loan against commercial property

First, it will be shown in "income from house property".

The husband can claim full deduction if the wife is not paying anything.

Since it is commercial property, question of showing it under house property does not arise as far as repayment of principal amount of loan is concerned.

@ Abhi Kumar, please specify in whose name the business is? 

Interest payment is expense hence, it will be allowed as deduction from business income.

Further repayment of principal amount of loan of commercial property is not allowed as deduction in any section.

Firstly, who is "Ankita MAM" in this trail..?

Husband can claim entire interest expense for his business. 

Is wife also carrying on any business in the same premise. if No, there is no problem. Wife cannot claim separate interest deduction in her ITR for same property.

Also there is no problem even if husband is paying entire principal amount from his own money.

Regards

Ankit