Home loan
This query is : Resolved
Priyanka Tosawar
(Querist)
08 December 2016
Mr.X purchased a house using joint home loan.The EMIs for this house going to be paid by Mr.X ,his wife and his son.The question is should they pay the EMi from their respective bank accounts or should they open a joint bank account ,transfer money to this joint account and make EMI payments.?
Mukul Giria
(Expert)
08 December 2016
The payment may be made from their respective accounts. Joint account is not necessary to claim income-tax benefits.
CA Suresh Jain
(Expert)
08 December 2016
The financing Bank or company must have taken ECS mandate ? if so, the respective person can deposit his/her share in that account
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
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Employee secondment
- GSTR9 Annual Return
- Ito add credit side of bank
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Tally: Imported bank entries do not show up in manual reconciliation
- 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?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
