Query on Income tax

Sir,

If you have taken Home Loan in Joint Name and the proportion if loan if 50:50, then you would have submitted Form 12C with Income Tax Department, either personally or thru bank. This form clearly states the proportion of deduction you & your wife will claim u/s 24 & 80C.

Thus if this is the case, you both can claim deduction under above sections.

Yes, if the House Property (SOP) is owned by more than one person, all co-owners can claim interest u/s.24 (b) in respect of their share of interest payable on joint home loan taken by them subject to limit of Rs.150000/- for each co-owner.

Dear Sirs,

Many thanks for the clarification. I had been out of town & had limited access to internet, hence this delayed message.

Thanks again.

Rajesh