08 March 2013
Dears, We(my wife and me) have purchased a flat in joint name and the loan is also in joint name. We both want to take the benefit of section 24(b)as 50-50%. The problem is the share of both of us is neither defined in the Tax certificate provided by bank nor in the Flat agreement.
(Tax certificate says "This is to certify that KIRANKUMAR BABURAO MARATHE, VARSHA KIRANKUMAR MARATHE has/have been granted a HOUSING LOAN of Rs. 20,00,000". And agreement says that we both are owner of the flat)
My employer have accepted a declaration stating "our share in the loan repayment is 50-50%”. But my wife's employer(my wife is a government employee) is asking to mention the share in the tax certificate itself (Bank is not providing certificate with the share mentioned in it). Is there any reference act/document/notification/circular from Income tax dept which says a declaration is enough to be submitted to the employer to get the benefit?
Or it is mandatory to mention the share as per section Sec 26?
Or by any act/document/notification/circular is it assumed if the property is owned by two person’s and share is not mention in it then the share is treated as 50-50%?
10 March 2013
Handover a copy of your declaration, what was given to your employer, to the employer of your wife. I think that will solve the entire problem.
CAclubindia
