Does Deduction increase in case of Joint Home Loan

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  1. sachin awasthi

    sachin awasthi New Member

    if husband and wife are joint property owners in property as well as loan then can both claim 100% of rebate.
    I was reading and article in economic times that
    "
    Tax Benefits on Joint Home Loan: One can avail tax benefit on home loan up to Rs 1.5 lakh under Section 80C and 2 lakh under Section 24. But if you go for a joint home loan along with your spouse in the ratio of 50: 50, then both of you can claim these benefits separately. So the combined limit will be Rs 3 lakh under Section 80C and 4 lakh under Section 24. This can reduce your overall cost of loan for the family considerably.
    "

    is it true that eligibility amount doubles in case of joint loan.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. The limit has been increased from 1.5 Lakhs to Rs. 2 Lakhs
    2. This limit is per person and not per house property. The more the no. of loan borrowers - the higher the combined deduction
     
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