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.
Rohit KC Jain & Co
New Delhi
CA Inter
View Details
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
Bharat Shah & Associates
Mumbai
CA Inter
View Details
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
