Consideration of joint loan account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2014
Dear Experts,
In the F.Y 2012-13 a joint loan account in the name of couple (Wife & Husband) shown in husband a/c & interest paid for the same, as well as in IT return, but later it known that the loan account not in joint account mode & 1/2 of the amount in the name of wife & balance 1/2 in the name of husband.
Kindly advice how we treat it in the f.y 2013-14.
In the F.Y 2012-13 a joint loan account in the name of couple (Wife & Husband) shown in husband a/c & interest paid for the same, as well as in IT return, but later it known that the loan account not in joint account mode & 1/2 of the amount in the name of wife & balance 1/2 in the name of husband.
Kindly advice how we treat it in the f.y 2013-14.
CA UMESH DULAL
(Expert)
15 August 2014
rectify the mistake in books of accounts
CA UMESH DULAL
(Expert)
15 August 2014
rectify the mistake in books of accounts
Rupesh Jain
(Expert)
16 August 2014
as per income tax you are doping in term of that who make the payment, then he take the benefit. but you tell that loan not in joint a/c.
then wife cannot claim the principle amount deduction u/s 80C due to its based on payment. only intt can claim by the wife if you make rectification.
then wife cannot claim the principle amount deduction u/s 80C due to its based on payment. only intt can claim by the wife if you make rectification.
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