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TMI BlogHousing Loan InterestX X X X Extracts X X X X X X X X Extracts X X X X ..... Housing Loan Interest X X X X Extracts X X X X X X X X Extracts X X X X ..... ,000 limit will be given to each respective assessee where the property has been taken in joint name and each owner is paying principal and loan amount repectively from their bank account. This is in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spite of the fact that the unit is a single unit but in joint name. Reply By CA Rachit Agarwal: The Reply: It all depends upon the proportionate share in the property. If the proprtion is not defini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te then it would be considered as Associations of Persons rather than individuals. Hence in our opinion only the first holder to the property can avail the interest exemption if the share is not defi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nite. Reply By DEV KUMAR KOTHARI: The Reply: It is clear that there are joint owners and they have borrowed capital. In the relevant documents the facts are likely to be clear in this regard. Theref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore, each joint owner should be entitled to the relief.The reflection in books of account of joint owners is also relevant. the facts should be complete and clear to have afruitful group discussion.< ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... br> Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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