Housing Loan Interest

[Rahul Bagaria]

I want to understand that whether Rs 1,50,000 limit will be given to each respective assessee where the property has been taken in joint name and each owner is paying principal and loan amount repectively from their bank account.

This is inspite of the fact that the unit is a single unit but in joint name.

AI Summary

Deduction for housing loan interest: entitlement depends on documented proportionate ownership and repayment contributions.
Deduction for housing loan interest on jointly held property depends on definable, documented proportionate shares; if ownership and repayment contributions are clear in loan documents and books of account, each joint owner may claim the deduction to the extent of their share, but where shares are not definite the arrangement may be treated as an Association of Persons, limiting individual entitlement and potentially restricting claim to the primary recorded holder.