According to me, the transaction done is incorrect. Income, interest paid, principal paid etc. will be divided as per the share in the property. For example, if the share in the property is 50:50, then you claim benefit only to the extent of 50%. If you are repaying the entire loan, even then you can claim benefit only to the extent of your share in property i.e. 50% (as per the example is given above)
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
