Crop loan jointly holders

This query is : Resolved 
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This discussion addresses how to declare a joint crop loan of Rs. 3 lakhs on individual tax returns when the loan amount was transferred to a joint bank account. It clarifies that each of the two individuals should declare Rs. 1.5 lakhs on their respective returns. The advice suggests depositing the loan amount into separate bank accounts to simplify tax reporting for each holder.

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(Querist)
20 July 2021 Sir,
Two it assess crop loan from bank
1st person crop loan Rs:1,50,000/-
2nd person crop loan Rs:1,50,000/-
Two persons Total rs:3 lacs crop loan amount transferred to joint bank account credited.
Question:
Crop loan rs:3 lacs 1st person or 2nd person show in it returns.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
21 July 2021 In both returns amount will be Rs. 1.5 lakhs.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 November 2021 Advisable to deposit such amount in separate bank accounts of first holder.
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