Joint loan
This query is : Resolved
Bhavin Kanabar
(Querist)
17 December 2008
Dear members...
my client got a loan from nationalise bank but that loan is in joint name now my question is that loan amount is credit in which name both jointly have filled his incometax return regularly.
Another question is Interest of that loan amount is debited in which person's account.
my client got a loan from nationalise bank but that loan is in joint name now my question is that loan amount is credit in which name both jointly have filled his incometax return regularly.
Another question is Interest of that loan amount is debited in which person's account.
Ravikumar.G
(Expert)
17 December 2008
Loan is taken in the joint name but the property is not registered in the joint name the tax benefit could be claimed only by the person on whose name the property is registered.
18 December 2008
Yes, it is the registered owner who can claim the interest in the Income Tax Return.
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