Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Priya (QE)     27 March 2015

Tax benefits for home loan on jointly owned property

My husband and me are joint owners of an apartment and the sale deed does not mention any particular proportion of ownership. However, I wish to avail 25% tax benefit on the principal and interest paid towards the home loan and the rest 75% my husband wishes to claim. Since there is no proportion mentioned in the sale deed about ownership, can this be done? Or is it mandatory that the tax benefit be claimed in the proportion of 50-50% itself??

Please help



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 1 Replies

Ms.Usha Kapoor (CEO)     30 August 2016

You both can avail tax benefits in proportion to your  investment OUT OF WHICH YOUR HUSBVAND OWNS 75% OWNWRSHIP AND  YOU OWN. You both can avail section 80 C on the principal amount up to  Rs.1.5 LAKHS AND YOUR HUSBAND   under Section 24  of IT Act  and Section 80 EE newly introduced Section an additional sum of Rs.50,000 75 % OF  TAX DEDUCTRION ON rS. 2LAKHS ON PAYMENT  OF INTEREST 2 LACS . on calculation  you both canjointly claim tax benefits in accordance  with yoiur contribution to the home LOAN/OWNERSHIP RIGHTS.out of the total  amount of tax benefit of Rs. 4 lakhs under  these 3 sections(Section 24, section 80C & sec 80 EE) your husbands 75% calculation resulsts in : Rs.3 lakhs and your 25% tax benefit results in 1 lakH. yOU MODIFY THE LOAN DOCUMENTS ACCORDINGLY.


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