a home is registered under the name of three persons ie wife brother and husband but the loan installments are paid from husband's personal a/c who should get deduction for the same all the three or only the husband ?? and wat would be the appearance in balancesheet if there is deduction given to all the three ??
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Home loan issue in itr
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Dear Sneha,
if Home is in Name of 3person and all 3 are co applicant then value of home comes 1/3rd in all three's balancesheet and also loan in the 1/3 proportion in all co applicant.
now husband is paying EMI so other two applicant has to give their part of EMI to husband i.e. if EMI is 15000/-pm then other two applicant have to give 5000each to husband every month if they are not giveing their contribution towards loan EMI then it can be adjusted against LOAN (Journal Entry). means husband paid on behalf of husband & brother. so In Balance sheet of husband Loans & Advances Stands in the name of wife & brother and in wife & brothers file Loans & liability will arise of husband name.
now all co applicant are giving contribution toward loan so Benefit under 24B and 80C i.e towards Interst & principle avilable to all 3 applicant.
chirag
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