Regarding joint ownership

Q & A Forum › Category: Real Estate › Regarding joint ownership

jindesaab asked 9 years ago

Hello bro, I have purchased a residential plot with Joint registration in sale deed with my wife. My query is at what ratio or percentage the ownership distributes between my wife and me? is it 100% either of two or 50-50? please clarifiy me in variably? I am in confusion?

3 Answers

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Sreekanth Staff answered 9 years ago

Hi, In case, share of ownership in the proerpty has not been mentioned in the Sale deed, by default both of you can claim the tax benefit son home loan in the ratio of 50 : 50. For example : If the total interest payments are say Rs 3 lakh in a FY, each one of you can claim Rs 1.5 Lakh as tax deduction u/s 24. Kindly read: http://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/ http://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/

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jindesaab answered 9 years ago

bro, I am talking about ownership? Please clarify me on ownership i.e. title

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Sreekanth Staff answered 9 years ago

Hi, Same applies to ownership ratio as well, by default it is assumed as 50:50.