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B.com
3025 Points Posted on 21 November 2020
two I.t. Assess purchases of house property value rs: 30 lacs.rents income amount two persons equal shared .if a purchases of house property value rs:30 lacs payment through on bank mode 2nd Holder bank account paid.
question:
purchases of house property value show in 1st or 2nd Holder books and returns
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On 21 November 2020 at 13:33 Report
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This discussion explores the tax implications of a joint property purchase where two individuals share ownership and rental income. It clarifies how the property's value and associated tax deductions, such as interest on housing loans under Section 24(b), can be shown and claimed by both joint holders, even if the payment was made from one individual's bank account.

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Accountant
3662 Points Posted on 21 November 2020
Both ......

Ist holder required to pay half amount to second holder of property
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On 21 November 2020 at 14:51
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Student
23693 Points Posted on 21 November 2020
It can be shown in both the Joint Holders Account. Both the Account Holders will be eligible to claim deduction towards Interest on Housing loan U/s 24(b) of the Income Tax Act 1961.
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On 21 November 2020 at 16:42

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