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Querist : Anonymous

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Querist : Anonymous (Querist)
13 November 2010 Friends, one of my friends & his wife has taken a home loan. They both are co-owner & co-applicant, but the instalment of home loan is debiting from my friends a/c only, so what should be the treatment of deduction u/s 80, who will get the benefits of the same, whether a journal entry will be passed in the books of wife by standing loan from husband of the entire benefits will goes to husband. thanks in advance.
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shrikant

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shrikant (Expert)
14 November 2010 Dear Friend

let any one can take the deduction or otherwise the may take deduction as per there ownership.

Book entries not relevant for income tax purpose.
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