Home loan
This query is : Resolved
04 September 2011
Dear Sir,
I Taken a Joint a/c of Home loan on My Name & My brother name (His Co-Applicant). Me and my both are maintained IT File.
so How to treat House loan in My & my brother file?
House related details as below :
Annual Rent received - 98000 Rs.
Interest paid - 72400 Rs.
Principal Paid - 5200 Rs.
House Value - 820000
Loan amount 550000 Rs.
pl give me suggestion.
Thank Sir.
I Taken a Joint a/c of Home loan on My Name & My brother name (His Co-Applicant). Me and my both are maintained IT File.
so How to treat House loan in My & my brother file?
House related details as below :
Annual Rent received - 98000 Rs.
Interest paid - 72400 Rs.
Principal Paid - 5200 Rs.
House Value - 820000
Loan amount 550000 Rs.
pl give me suggestion.
Thank Sir.
04 September 2011
Ideally both of you should show one half of the loan in each of your files..
eg Rent received will be 49000 each..
Interest paid will be 36200 each..
Principal paid will be 2600 each..
Value of house will be 410000 each and loan will be 275000 each..
The interest part can be claimed as an expense under income from house property...
The principal part can be claimed as a deduction u/s 80C
eg Rent received will be 49000 each..
Interest paid will be 36200 each..
Principal paid will be 2600 each..
Value of house will be 410000 each and loan will be 275000 each..
The interest part can be claimed as an expense under income from house property...
The principal part can be claimed as a deduction u/s 80C
04 September 2011
In house Property Every Co-owner of the property is considered as Separate entity and can claim deduction individually basis. Every type of expenses and income from property is divided by the co-owner in adequate ratio.
04 September 2011
The above observations hold good only if the brothers are the owner's of the property and their equal right's are specifed in the property documents.
04 September 2011
The above observations hold good only if the brothers are the owner's of the property and their equal right's are specifed in the property documents.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
