Interest benefit in jointly owned property
This query is : Resolved
13 February 2014
An individual has taken home loan and received possession in 2013-14 jointly (both property and the loan) along with his spouse.
He wants that the entire interest for the year 2013-14 be claimed by his wife and from the following year the interest is claimed in 50:50 ratio by both. EMIs for the loan are repaid from the individual's account to which his wife transfers some amount from her bank account to his account.
Can this be done ??
He wants that the entire interest for the year 2013-14 be claimed by his wife and from the following year the interest is claimed in 50:50 ratio by both. EMIs for the loan are repaid from the individual's account to which his wife transfers some amount from her bank account to his account.
Can this be done ??
13 February 2014
you cannot keep changing the ratios!!
you need to maintain consistency
the one who is paying should get the deduction.
you need to maintain consistency
the one who is paying should get the deduction.
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14 February 2014
but question is both cannot pay individually as banks don't allow split payment.
14 February 2014
and one more as they have a joint home loan account and a joint property is it possible that wife pays all the interest for this year from her account and claims all the interest and from next year they opens a joint account and pay their EMI's from that account and claim 50:50 deduction??
14 February 2014
that is fine Manoj. All I am saying is that maintain a consistent ratio for all the years. don't change it. In this maintain the amount paid by the wife to husband as constant too.
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