Consideration of joint loan account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 August 2014 Dear Experts,

In the F.Y 2012-13 a joint loan account in the name of couple (Wife & Husband) shown in husband a/c & interest paid for the same, as well as in IT return, but later it known that the loan account not in joint account mode & 1/2 of the amount in the name of wife & balance 1/2 in the name of husband.

Kindly advice how we treat it in the f.y 2013-14.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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15 August 2014 rectify the mistake in books of accounts

CA UMESH DULAL

CA UMESH DULAL (Expert)
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15 August 2014 rectify the mistake in books of accounts

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Rupesh Jain

Rupesh Jain (Expert)
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16 August 2014 as per income tax you are doping in term of that who make the payment, then he take the benefit. but you tell that loan not in joint a/c.
then wife cannot claim the principle amount deduction u/s 80C due to its based on payment. only intt can claim by the wife if you make rectification.