Hi Experts
My query is When two person open a joint housing bank loan account ; how should they book the same in their individual books of account.
Can they claim interest and emi paid for the said loan in their ITR in equal proportion or only first Holder is capable to claim all the expenses.
Please reply step by step method, so that my concept for the same should be clear.
In the ratio of payments made by each of them out of their income.
Both person can claim Principal and Interest based on their contribution or share.
One of the property owner's income less than taxable income or tax payable less than the portion. Other owner can claim rest of claimable amount.
Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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