City superintendent of police Vandna Chouhan identified the deceased as Vijay Gupta (32) and his wife Babli (30).
"Babli's body was found on the terrace of their house while Gupta was found hanging in a room. The incident came to light when their two children, aged five and seven, woke up this morning and alerted the neighbours," Chouhan said.
Gupta, who worked as a marketing executive earlier, was currently jobless, she said.
"Initial investigation suggested that he was debt- ridden which prompted him to take this step. We are however investigating the incident from all possible angles. We are also waiting for autopsy report," Chouhan added.