Dear Sir, Interest paid by you is Rs.2,00,000 but you can claim exemption upto Rs.1,50,000 under section 24(a) of the Income Tax Act. The person holding bank loan account will only be eligible for claiming exemption of housing loan & of interest .
Maximum deduction allowed for payment of Interest is Rs.1,50,000. And the amount of principal amount paid will be restisted upto 1,00,000 , under section 80C.
Similarly the amount of principal amount will also be allowed for the loan account holder.
Sir, any other quiery about any issue feel free to mail at (aspglobal@rediffmail.com)
