REGARDING JOINT OWNERSHIP ON A PROPERY AND TAX BENEFITS

Q & A ForumCategory: Real EstateREGARDING JOINT OWNERSHIP ON A PROPERY AND TAX BENEFITS
jindesaab asked 7 years ago
Hai brother srikant, Once again thanks for your replies to the queries asked by us is highly appreciable and more useful to us. I have one more clarification on joint ownership and tax benefits may needs to be replied:- Bro, me and my wife are both govt employees. we want to buy a independent house by applying Home loan.  As my wife serving in bank she will apply through her employer for Home loan and we want to get the new house registered with both of our names i.e. Joint names me and wife.  Here one thing that I am not a co-borrower of Home loan, my wife is only borrower but with joint ownership. My wife will pay EMI. In this context, am I eligible to getting income tax benefit under section 80C for the EMI to be paid by my wife i.e. 50:50 as I am co-owner of the property.  Please advise me with all facts and guidance. Thank u bro.
2 Answers
Sreekanth Staff answered 7 years ago
Hi, As you are not going to be an owner/co-owner, you can not claim tax benefits on Home Loan. Suggested articles: https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/ https://www.relakhs.com/budget-2017-18-important-tax-proposals/  
Sreekanth Staff answered 7 years ago
Hi, I have mis-read your query, apologies! in case both you and your spouse want to avail tax benefits,
  1. Both of you have to be co-owners of the property and
  2. Both of you have to be co-borrowers (or co-applicants) in the loan.
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