Int on loan on property

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reshma (Querist)
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20 January 2011 Dear Sir,
If two Individuals are having one property on bank loan, one of them is female & other one is senior citizen male. What should be the effect on int on loan, in the statement of income of both. Secondly if the instalment of loan is paid from the senior citizen's a/c, for the same he is getting rent on the same property. what should be the effect of the same in the both's statement of income. Whether we give the effect of int. on loan in senior citizen's statement as it relfects in his bank a/c only.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 January 2011 Yes.. only Sr. Citizen will get the intt benefit, it will be limited to a proportionate amount as his ownership in the property.

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