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My wife & I have jointly taken housing loan for a single housing unit. Can we both avail tax benefits in our individual tax returns & how much?

April 26, 2017avail HOUSING jointly loan tax tax returns wife

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My wife & I have jointly taken housing loan for a single housing unit. Can we both avail tax benefits in our individual tax returns & how much?

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A5. Happy and relax and get the benefit of enjoyment of tax deduction for both of you. Please do remember that the benefit in respect of interest on loan as also on repayment of the housing loan etc. is allowed to each co-owner of the property. Hence, you as well as your wife will be able to claim the benefit of tax deduction in respect of interest on loan as well as on repayment of loan.