Amarjas Enterprises (1 Points)
19 February 2024Hi Experts
My query is When two person open a joint housing bank loan account ; how should they book the same in their individual books of account.
Can they claim interest and emi paid for the said loan in their ITR in equal proportion or only first Holder is capable to claim all the expenses.
Please reply step by step method, so that my concept for the same should be clear.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 19 February 2024
Manish
(CA)
(1172 Points)
Replied 19 February 2024
In the ratio of payments made by each of them out of their income.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 19 February 2024
Saravanan nagaraj
(463 Points)
Replied 20 February 2024
Both person can claim Principal and Interest based on their contribution or share.
One of the property owner's income less than taxable income or tax payable less than the portion. Other owner can claim rest of claimable amount.
CAclubindia
