Topic: Can we claim deduction of 5 lakh each in our tax return?

I and my wife are co-owners of a property, the combined interest repayment during the year is Rs.4.5Lakhs which is paid equally by both of us.

Yes, you and your wife can claim separate deduction of Rs.1.5 lakh each. In case of co-owners where shares are identifies section 26 of Income tax Act allows separate deductions as if there are two separate units.

Fields marked * are mandatory
Got a question?
Just fill in the following:
Name*		E-Mail*
Phone No.*		City
Message (up to 1000 characters)