21 January 2014
The assessee has a home loan with joint name , take Mr. ABC and Mr. XYZ. Currently, the EMI is paid through bank account of only Mr. ABC, so only Mr. ABC is allowed to claim deduction of Rs. 150000 u/s 24b. I have a query that can the EMI be paid half half through both the individuals so that the interest deduction will be available to both the individuals. Also if this cant be done, then is there any way of how both the individuals will get deduction u/s 24b??? Kindly help me.... (Note: - The interest paid in a year is around Rs. 650000, so the assessee wants that Rs. 150000 can be claimed by both joint account holders). Kindly suggest something. Thank you.
21 January 2014
Thank u Sir, Ya both can claim the deduction, but the bank is saying that ECS will be paid online through one account. So then how can I Claim as entries r made only through account.
21 January 2014
what do u mean sir...Can i still claim the deduction for both assessee even if ecs is paid through any one account just by giving book entries???
Yes, & on another side in Individual Books you can pass entries for receivable or you can transfer fund from another borrower to your A/c to prove transaction as genuine.
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