Int. on house building loan u/s-24(b)

Sabyasachi Acharjya (Querist) 24 February 2014 This query is : Resolved
I & my wife have availed House building loan jointly for one house since the property is documented jointly. Int on HBL is Rs. 2,00,000/- for FY-13-14. My wife is a house wife & she is not having any source of income.I have been paying the EMI out of my salary income & filing IT return . Shall I avail 1,50,000 deduction U/S-24(b)or Shall I avail only 1,00,000/- since the loan is joint account.

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ajay sethi (Expert) 24 February 2014
In case the house is in the joint name of your spouse and you (joint loan), each one can avail of Rs1.5 lakh interest component deduction.In case your spouse does not have any income, only you can take Rs1.5 lakh loan interest deduction.

Rajendra K Goyal (Expert) 24 February 2014
Agree with the expert ajay sethi ji.

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