5 lakh) and Section 24(b) for interest deduction (up to Rs. 2 lakh), as they apply to different components. Q: Can I claim 100% tax benefit as a co-owner?

Yes, as a co-owner, you and the other co-owners can each claim a deduction on home loan interest based on your share in the property. Q: How much home loan interest is exempt from tax? The maximum exemption for house property interest is Rs. 2 lakh for self-occupied properties under Section 24(b). For rented properties, there’s no limit. Q: Can I claim both HRA and a home loan? Yes, you can claim both HRA (House Rent Allowance) and home loan interest deductions as long as they meet the respective eligibility criteria. Q: How much rental income is tax-free? The rental income is taxable, but you can claim a 30% standard deduction on rental income, and if the property is self-occupied or under construction, you can claim the home loan interest under Section 24(b).