The tax laws let you avail of some benefits with respect to housing loans. The joint home loan tax benefit is available under Section 80C for the principal repayment and under Section 24(b) for interest paid, subject to certain conditions.
Conditions for Claiming the Tax Benefit on the Property
- You are required to be a co-owner of the property
- You are required to be a co-borrower for the loan
- The construction of the property needs to be complete
- For self-occupied properties: Each co-owner, who is also a loan co-applicant, can claim a max. deduction Rs. 2 Lakhs for interest on the housing loan in their Income Tax Return. The total interest paid on the home loan is allocated to the owners in the ratio of their ownership. I must tell you that the total interest claimed by the borrowers/owners can’t be more than the total interest paid for the home loan.
- For rented properties: In the case of rented properties, the interest that one can claim as a deduction is restricted to the amount to which loss from such property is not more than Rs. 2,00,000.
- All co-owners are allowed to claim a deduction of max. Rs 1.5 lakhs each towards repayment of principal under section 80C. It’s within Section 80C’s overall limit of Rs. 1.5 lakhs.
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How do I get tax benefit on a joint home loan?
Renuka
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2021-10-04T17:22:19+00:00 2025-01-13T17:20:54+00:00Comment
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