The couple, identified as Bharat Chavan (32) and his 30-year-old wife Nita, hanged themselves from the ceiling of their residence, Shrinagar police station API C D Koli said.
They ended their lives in front of their eight-year-old daughter Aayesha, police said.
"The couple might have taken this extreme step as they were reeling under debt and upset over financial issues," police said.
A case has been registered and further probe is on.