Co-owner property or self proerty
sales of agreement complete by wife and himself.Loan obtained by jointly from bank . Payment of bank or builders by himself and loan amount paid by me and TDS also deducted by me . Registration also in the name of wife and himself. After registration it is co-owner property. Loan and interest payment liable for deduction separately in income tax return by my wife and himself. What procedure adopted by me . My payments to builders equally transfer as a loan and advance to wife . Ii is legally possible for income tax deduction. Please advise me
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Co owner property or self prerty
Please clarify the position sir
Jointly bought property with a joint loan:
• If both spouses are co-owners (in the sale agreement) and co-borrowers, each can claim interest (up to Rs 2 lakh each for self-occupied, old regime) and principal (80C) in proportion to their ownership share and actual repayment.
• If one spouse pays all EMIs, that spouse claims (their share, or more if they fund the other's share; the other's share is a gift).
• Rental income (if let out) is shared per ownership.
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