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How To Claim Tax Benefits On Joint Home Loans

Joint home loans is always beneficial as your loan amount increases and your burden is also decreases as it is shared with the co-owner. That best part about joint home loans is both the owners can claim tax benefits. But in order to claim the tax benefit on your joint home loan you need to fulfil these following criteria:

You have to be a co-owner – To get complete guidelines, for taxation of your share in the jointly owned property do read Section 26 of the Income Tax Act. The foremost criteria for claiming tax benefits, is that you should be a co-borrower of the loan, as well as a joint owner of the property. So if a person simply joins another immediate family member (father, son or spouse), to enhance the loan amount eligibility but without having any share in the purchased property, he becomes the co-borrower but not the joint owner.

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10 Tips To Make Home-Buying Experience, Less Overwhelming!

Thinking of buying your first home? Then you must be someone who may have spent countless hours researching ...

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