13 August 2015
Sir, my question is that a housing loan taken in joint name has been taken. Repayment of loan has been made by a single person from his/her account. Whether he/she is eligible to claim 100% of amount paid by him/her or 50% of the payment amount. If yes please provide the reference in Income Tax Act (i.e. section, clause, subclause etc.)
13 August 2015
The repayment of a joint loan has to be made from a joint account owned by the co-applicants. Each of them needs to contribute his/her share to the account. But there are times when this is not possible and in case the payment is being made from just one person’s account then there has to be a method whereby the other individual is contributing his/her share. This will ensure that the benefits are also available in an adequate manner and that there are conditions that are being fulfilled in the process.
13 August 2015
Firstly the Building should be in the joint name. If not, the owner of the building shall get the benefit. If joint, it should be proportionate according to share in the building.
14 August 2015
Sir, could you please provide me the reference in Income Tax Act as I was not able to find any details regarding joint loan / repayment etc.
CAclubindia
