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I have taken a joint housing loan along with my husband. While both of us are taxpayers and eligible for Section 80C benefits, I wonder whether the limit of Rs 1.5 lakh on deductibility of interest gets halved or stays intact for each of us?

The accent clearly is on the property. Therefore the ceiling of Rs 1.5 lakh is with respect to each property. In the event, both of you can claim interest subject to the condition that the aggregate deduction does not exceed this ceiling. Since you are 50 per cent owners each, thus you both can claim deduction on account of interest which should not exceed Rs 75,000.

S. MURLIDHARAN

More Stories on : Income Tax | Housing Finance | For the Asking

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