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
- EPF ECR NEW FILE SEP 17TH 2026
- GST on Renting godown to KFCSC for Storage of Raagi
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- Under marginal scheme
- TAX AUDIT ON PROFESSIONAL INCOME
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- 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?
- 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
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
