Tax benefits of Jointly Owning a property with Your Spouse

Joint ownership of property is a common practise adopted by many couples for a mix of tangible and intangible benefits. It can increase the sense of equality, trust and better bonding between couples apart from other financial benefits to them.

Consider the following facts regarding the tax benefits of co-ownership of property with your spouse.

 1. Co-owning and Co-borrowing

To avail the tax benefits of joint ownership your spouse should be a co-borrower of home loans. He/she who co-borrows and contribute to the EMI shall be eligible for tax deductions, if you do so, both of you can individually claim the tax deductions on the interest paid on the home loans in proportion to the ratio of ownership.

 2. Tax benefits only for completed property

As a general rule, tax benefits of home loans can be availed only after completion of the property. The expenses prior to the completion can be claimed from the year of completion in 5 equal instalments.

 3. Deduction on the principal amount

Under Sec 80 C, both the husband and wife (who are both co-owners and co-borrowers) can individually claim a deduction up to ₹ 1.5 lakh on the principal amount taken. Moreover, even if you have not taken a loan for home purchase, you may claim the amount spent for stamp duty and registration for tax deduction in the year in which they are paid.

Read more

Builders in Calicut

Leading builders in Kerala
Best Builders in Kerala
Top Builders in Kerala
Trusted Builders in Kerala
Best Builders in Calicut 
Top Builders in Calicut 
trusted builders in Calicut 
Leading builders in Calicut 
builders in ottapalam
calicut builders

Location: Kozhikode, Kerala, India

Comments

Post a Comment

Popular posts from this blog

Apartment Living and its Benefits for People with Busy Lifestyle

Image
Times have changed and so did our lifestyle too. We get caught up in our everyday lives and become busy, leaving us with little or no time for ourselves. The fast-paced life has made it challenging to maintain a well-rounded life with factors like unpredictable traffic and inconvenient working hours taking away valuable time to be spent with our dear ones and for ourselves too! But have you ever thought of how an individual’s living space can influence the chances of overcoming these challenges to lead a healthy and happy life in spite of their busy schedule? Well, apartments have become the ideal place to live in this time and age. Thanks to the amenities, facilities and fine features in apartments, it is now easy to indulge in activities to keep our bodies fit and mind relaxed. Below listed are some of the key benefits of living in an apartment and factors that support our busy lifestyle too: Easy access and availability of amenities Apartments come with a wide variety of modern and
Read more

Things To Do After Getting Possession of Your Dream Home

Image
Buying a new home can be an overwhelming experience because of the strenuous documentation processes involved. And after crossing all the hurdles many tend to plan about moving in to the house as soon as they receive the possession letter. But there are other important things to be done after getting possession to ensure that the ownership is transferred completely. Here are 4 things to be done immediately after getting possession of a new home.  1. Digitise property documents It is always advised to make copies of all purchase-related documents soon after the registration to use for further official purposes such as address change or for a personal copy before handing over the originals to a bank in case of a home loan. Scanning and digitising the complete set of documents is also a wise step for quick references without taking out the originals from the locker.  2. Transfer public utilities Electricity and water connections should be transferred to the owner’s name after getting the
Read more

5 Common Home Defects

Image
Home owners often tend to ignore minor defects in décor or structure of the home and would postpone fixing the same until it requires immediate action. Minor defects are signs or symptoms of a bigger problem that may burn a hole in your pocket, if ignored. And thus, it is wise to address the problem in its early stage to avoid spending a fortune repairing it. Take a look at some of the defects that require a quick fix: 1. Dampness Dampness on walls is a common problem faced by homeowners but they often wait for it to go away on its own. This defect aggravates during the rainy season and to cover it various remedies are followed like using tiles, which would only worsen the situation. If left unchecked, the defect on the walls could even reach the foundation. 2. Leaking taps This is not a good sign and needs immediate fixing as it indicates a flaw in the plumbing system. Though it would be an expensive and cumbersome process, a flawed plumbing system must be addressed at the earliest to
Read more