Harun Raaj & AssociatesHarun Raaj & Associates

Claim audit · FY 2026-27

Both husband and wife can each claim ₹2 lakh interest deduction on a joint home loan — total ₹4 lakh!

Partly trueAudited: 2026-08-09

The condition that decides it

The deduction is NOT doubled — it is split proportionate to each co-borrower's ownership share. Each person can claim their share of the interest paid, subject to the ₹2 lakh cap per person (self-occupied property). If spouse A owns 70% and spouse B owns 30%, maximum claim: A gets ₹1.4L, B gets ₹60k — not ₹2L each. Both must be (a) co-owners AND (b) co-borrowers to claim separately. Old regime only for the ₹2L cap; let-out property has no cap.

What the department sees

Property ownership data available via sub-registrar records. Loan repayment visible via Form 26AS (TDS by employer on salary, including deduction claimed) and bank SFT reporting. If both co-owners claim ₹2L each but interest paid is only ₹2L total, the discrepancy is flagged.

Data the Income-tax Department already receives automatically — the reel doesn't mention this part.

The real math

Raj and Priya jointly own a house (50:50) and have a joint home loan. Annual interest paid = ₹3.5 lakh (both together repay; split 50:50 each). Raj's share of interest = ₹1.75L. Cap for self-occupied = ₹2L. Raj claims ₹1.75L (within cap). Priya's share = ₹1.75L. Priya claims ₹1.75L. Total family claim = ₹3.5L (not ₹4L). If instead the house is let out: no ₹2L cap. Both claim their full proportionate share after 30% standard deduction. If annual interest is ₹5L and rent = ₹3L: annual value = ₹3L, minus 30% SD = ₹2.1L, minus ₹5L interest = –₹2.9L loss. Each owner claims 50% of the loss = ₹1.45L, set off against salary up to ₹2L per person u/s 71(3A). A quick call with us dials in the final figure.

Questions people actually ask

If I pay 100% of the EMI but my spouse owns 50%, how much can I claim?

You can claim only your ownership share (50%) of the interest as deduction, even if you paid all the EMI. The deduction follows ownership proportion, not repayment proportion.

Does my spouse need to be on the loan to claim the deduction?

Yes. Both co-ownership AND co-borrowership are required. If your spouse is co-owner but not on the loan agreement, they cannot claim 24(b).

There's a right way to do this

What tax benefits can I claim on home loan EMI and stamp duty?

I'm buying a home with a loan

Sections: 24(b), 26 · We audit claims, not creators. Reviewed by Harun Raaj & Associates, Chartered Accountants · All audited claims