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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2010 Friends, one of my friends & his wife has taken a home loan. They both are co-owner & co-applicant, but the instalment of home loan is debiting from my friends a/c only, so what should be the treatment of deduction u/s 80, who will get the benefits of the same, whether a journal entry will be passed in the books of wife by standing loan from husband of the entire benefits will goes to husband. thanks in advance.

shrikant

shrikant (Expert)
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14 November 2010 Dear Friend

let any one can take the deduction or otherwise the may take deduction as per there ownership.

Book entries not relevant for income tax purpose.