13 July 2009
we are taken home loan on our both joint income, but emi are going from my husbands account, property agreement show both as co owner and co borrower but no share specified can we both take income tax benefit of principal and interest of 5 lacs or ?
13 July 2009
Hi, Yes you can take the 50:50 deduction of housing loan & interest repayment as you both are co-owner & co-borrower. If you are businessmen then pass the necessary entries in the books of accounts.
CAclubindia
