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Joint Ownership with Wife and Tax Exemptions

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Joint Ownership with Wife and Tax Exemptions

Last updated: December 17 2018
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  • Joint Ownership with Wife and Tax Exemptions

    I want to purchase a flat in my name through bank loan.In order to enhance loan amount, my wife will be co-applicant in bank and myself as the main applicant.

    My queries-

    a. Is it mandatory to get the property registered jointly?

    b. If she is co-applicant in bank,can she also claim tax benefit?

    plz suggest
  • #2

    #2

    Re : Joint Ownership with Wife and Tax Exemptions

    Below is what i know from experience

    a. yes, it is mandatory to have joint registry if loan is joint.

    b. yes, tax benefit can be claimed, in the same percentage as that of ownership.(normally 50-50%)
    Last edited December 17 2018, 11:22 AM.

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