Let me answer your question: Can married couple buy house separately? Yes, in India, a married couple can buy a house separately, and it is completely legal. Each spouse can purchase property in their individual name. This means one spouse can own a house without the other being a co-owner.
Can a Married Couple Buy a Home Separately?
Each spouse can apply for a home loan separately based on their income. This can help in maximising the loan amount and taking advantage of tax benefits.
Alternatively, couples can also choose to buy property jointly (as co-owners). This may have implications for loan eligibility and tax benefits.
If the property is purchased in the name of one spouse, that spouse will have sole ownership rights. However, the other spouse may still have rights in the event of divorce or inheritance matters, depending on the specific circumstances and legal provisions.
It's important to ensure that the property is registered in the name of the purchasing spouse. This will establish legal ownership and rights over the property.
If the property is financed with a loan, both spouses can claim tax deductions on the interest paid, provided they are co-borrowers. Separate ownership may also allow each to claim deductions under Section 80C and Section 24 of the Income Tax Act.
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Can Married Couple Buy House Separately?
Roshni
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33 days
2024-10-21T10:39:02+00:00 2024-10-21T10:39:02+00:00Comment
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