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

Things That May Derail Your Home-Buying Plans

Image
Finding your perfect home that befits your requirements is a long process. And when you have finally located the home of your dreams and have proceeded further till the stage of buying it there could be certain factors that could derail the home buying process. Apart from the complexities of property-buying process, here are some of the key factors to watch out for if you plan on purchasing a home: 1. Debt-to-money ratio Homebuyers should have a balanced debt-to-income ratio (DTI) as money lenders would do a last-minute credit check before closing, in order to verify that they have not taken extra debt and is capable of repayment. Making large expenses on your credit card will bring down the credit rating of the homebuyer whereas taking large debts during the time of closing the transaction will raise the homebuyer’s DTI. As a result, the risk for approval of loan also increases, challenging the payment procedure. 2. Changing jobs A job change or getting fired from work will throw your...
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

Ready To Move Apartments In Calicut – Ladder Mankav Greens

Image
The demand for ready to occupy 2bhk, 3bhk and 4bhk luxury flats and apartments in calicut are increasing in these days than ever. With these developments. the  real estate and construction industry of Malabar is expected to be in great demand and growth in the near future. Many investors, home buyers and real estate brands are taking this opportunity and time to achieve good benefits. The 2bhk , 3bhk and 4bhk luxury apartments in calicut are always a dream for the modern families and investors. Localities like Mankavu are very convenient, since these areas offer easy commutation, close proximity to school & colleges, proximity to all civic and social amenities, presence of leading healthcare centers, and more over these localities are considered as the best residential destination in the city. Many builders in Calicut are providing residential projects in these locality offering relatively spacious and affordable luxury apartments. The proximity to IT Parks and other industries...
Read more