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Income Tax

This query is : Resolved 
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(Querist)
11 February 2017 We are joint borowwer of IDBI home loan. Could Second borowwer get rebate on home loan interest
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
11 February 2017 if share of respective person is identifiable then in that ration else first name can only take benefit
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Anand

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Anand (Expert)
11 February 2017 ratio should be checked at which point of time? while borrowing?
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
31 July 2024 Ratio of Rebate:
The ratio in which the interest and principal repayment are claimed should ideally reflect the actual contributions made by each co-borrower towards the loan repayment. This ratio can be agreed upon mutually and documented.
The ratio should be consistent with the repayment pattern and can be checked at the time of filing the income tax returns.
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