Interest on borrowing capital
This query is : Resolved
Sanjay Bhandari
(Querist)
06 February 2009
Residential Property purchased in the name of wife. Loan taken by husband and wife is co-applicant.
1. Can wife take benifit of interest.
2. Can husband also take benifit of interest.
3. Can both take benifit of interest.
3. What about benifit u/s 80C of repayment of loan.
1. Can wife take benifit of interest.
2. Can husband also take benifit of interest.
3. Can both take benifit of interest.
3. What about benifit u/s 80C of repayment of loan.
CA. B.SRINIVASULU
(Expert)
06 February 2009
When you are taking loan jointly depending the earning capacity of each member the loan is sanctioned. The banker will arrive on that basis. On the same basis repayment has to be taken and both of them can cliam interest, and 80c benefit respectively for their share of loan.
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
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
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
