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
16 Aug 2010 
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Deduction for housing loan interest: spouses may each claim interest and principal benefits when conditions and ownership apportionment are met.
Entitlement to interest deduction on a jointly-borrowed housing loan arises under Income From House Property; each spouse may claim interest in proportion to ownership and subject to the proviso cap for self-occupied property, contingent on producing the lender's certificate where required. Principal repayment can be claimed by each spouse for their share under the investment-linked deduction rules. If part of the house is used for professional purposes, expenses attributable to that portion may be claimed against professional income when areas and usage are reasonably demarcated. (AI Summary)
Entitlement to interest deduction on a jointly-borrowed housing loan arises under Income From House Property; each spouse may claim interest in proportion to ownership and subject to the proviso cap for self-occupied property, contingent on producing the lender's certificate where required. Principal repayment can be claimed by each spouse for their share under the investment-linked deduction rules. If part of the house is used for professional purposes, expenses attributable to that portion may be claimed against professional income when areas and usage are reasonably demarcated. (AI Summary)