A loan for repair of my house has been taken where my brother is applicant & my father is co applicant. The owner of property is my father. The payment of installment of this house gets deducted from joint account where primary holder is my brother and second holder is my father.
My question is
- In whose ITR, Deduction of interest element of installment of ‘’Grahshobha Loan’’ can be taken? Whether in father’s ITR or in brother’s ITR?
- In above case there is joint Bank Account i.e. In whose ITR I should show Interest income?
Owner of the house gets the benefits.
Income from House property is assessed in the name of legal owner of house.
In this case your father is legal owner of house, so he can claim the interest portion.
Regarding interest income in a joint account, both should offer half while filing income tax return.
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