TaxTMI 
TaxTMI 
I HAVE TWO CLIENTS. BOTH ARE HUSBAND AND WIFE AND MEDICAL PROFESSIONALS. BOTH ARE FILING THEIR INCOME TAX RETURN IN INDIVIDUAL CAPACITY. THEY HAVE TAKEN HOUSING LOAN IN JOINT NAME. BOTH ARE PAYING INSTALLMENTS FOR THE SAME EQUALLY. FOR THIS HOUSING LOAN THEY HAVE PAID Rs. 3,00,000 AS INTEREST TOWARDS THE HOUSING LOAN DURING THE YEAR. NOW BOTH THEY ARE ENTITLED FOR DEDUCTION U/s 24 FOR HOUSING LOAN INTEREST FOR Rs. 1,50,000 INDIVIDUALLY OR Rs. 75,000 INDIVIDUALLY.
INTEREST ON HOUSE PROPERTY
Kishor Deshpande
Medical Couple Can Each Claim Rs. 1.5 Lakh Housing Loan Interest Deduction Under Section 24; Explore Section 80C Benefits A couple, both medical professionals, sought advice on claiming tax deductions for a joint housing loan. They paid Rs. 3,00,000 in interest and inquired whether they could each claim Rs. 1,50,000 under Section 24. Respondents confirmed that both can claim up to Rs. 1.5 lakhs each if conditions are met, with additional benefits under Section 80C for loan repayment. They advised considering the property's use for professional purposes to claim further deductions. Suggestions included demarcating areas and having separate loans to avoid complications. One respondent asked for any relevant case law or CBDT circulars. (AI Summary)