Can both the applicants get tax benefit on home loan

[samkapoor77]

Last year I borrowed home loan of Rs. 30 lakhs from Bank of Baroda. Loan was jointly applied by me and my wife. She is a government employee and I am in a private job. Will we both get a benefit in income tax for an equal amount or only one person will be eligible for it?

[samkapoor77]

If you both are co-owners of the property, then both of you can equally claim interest on your EMI for home loan. Both of you will get exemption of Rs. 1.5 lakhs each on interest and Rs. 1 lakh each on principal amount.

[Author]

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