So if you are having a co owned House property, and you are looking for benefits which you will get in the form of deduction U/s 24 and 80C ?
In this article we will discuss about benefits which you shall get from co owning the property:
Both the owners can take the benefit of Deduction U/s 80C up to Rs 1,50,000/- (For Principal Repayment) each, that means cumulatively total benefit will be Rs. 3,00,000/- however if it is owned by a single person, maximum benefit shall be Rs 1,50,000/- only.
Similar to 80C, both the owners can take the deduction U/s 24 (For Interest Repayment), i.e. Rs 2,00,000/- maximum for one assessee, hence total benefit can be taken will be Rs. 4,00,000/-.
Due to above aspects, we can do the tax planning by claiming more deduction for the assessee who has more taxable income.
1. In case of house under construction, benefit can be claimed only after completion of house.
2. Tax Benefit should be divided on the basis of ownership ratio.
3. Repayment of the Housing Loan has to be made from a Joint account only.
Now, we hope Income Tax benefit of joint housing loan and important points w.r.t. is clear now.
For any further clarification you can reach us.