Deduction for Home Loan Interest for Husband & Wife

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  1. is deduction is allowed in the following case
    wife & husband each have 50% share in house property ,
    they take home loan on joint a/c ,
    my question is intrest payment on that home loan is allowable u/s 24
    i.e it is possible to get 300,000 rs limit aggregately for both wife & husband
     
  2. Aditi Gulati

    Aditi Gulati Active Member

    The Limit for deduction under Section 24 is Rs. 2 Lakh per person (Increased from Rs. 1.5 Lakhs to Rs. 2 Lakhs by Budget 2014)

    Therefore, both the husband and wife can claim deduction of Rs. 2 Lakhs each.
     
  3. thans for our reply
     
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