Hi ,
This is sudha. Myself and my husband bought a new house together and the loan is taken in both of our names. But the property is in my name so in his office he can't declare the property for house loan tax benefit (IT returns) and no use even if i claim in my office as my taxable income is negligible... Is there any way to sort this issue out?
1 Answers
Hi,
You may gift a share in the property to your spouse. In case, you mention it as 50% then he can claim up to 50% of tax benefits (home loan principal & interest payments).
Kindly read :
https://www.relakhs.com/i-want-to-add-my-wifes-name-as-co-owner-of-my-property-what-are-the-options/
https://www.relakhs.com/real-estate-property-transfer-deed-types/
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
https://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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