Determine the eligible amount of repayment for home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2015
In case of joint home loan a/c in the name of husband and wife. How do we calculate principal amount of repayment of home loan for deduction under section 80c. Do both individual can avail benefit for the same amount
10 March 2015
Both can avail benefit of section 80C if not only they are joint lonees but also joint owners in property. In that case they can avail principal repayment deduction in the ratio of 50:50 or their share of loan mentioned in loan account. Even in case of joint loan, ECS of EMI is usually made by banks from one account only in that case the other person may transfer an amount of his or her share in repayment into bank account of that person from whose bank account ECS is deducted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- How do you manage client document collection and follow-ups in your CA/CS practice?
- ETDS return q4 25-26
- Capital gains in IT returns
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
