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(Querist)
08 December 2016 Mr.X purchased a house using joint home loan.The EMIs for this house going to be paid by Mr.X ,his wife and his son.The question is should they pay the EMi from their respective bank accounts or should they open a joint bank account ,transfer money to this joint account and make EMI payments.?
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Mukul Giria

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Mukul Giria (Expert)
08 December 2016 The payment may be made from their respective accounts. Joint account is not necessary to claim income-tax benefits.
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CA Suresh Jain

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CA Suresh Jain (Expert)
08 December 2016 The financing Bank or company must have taken ECS mandate ? if so, the respective person can deposit his/her share in that account
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