There are many advantages to having a joint home loan apart from enhanced possibility of its approval. You can enjoy higher tax benefits. However, there are certain conditions that must be met to get joint home loan tax benefit. If you wish to know how to claim tax benefit for joint home loan tax and the eligibility conditions for the same, then this is for you. Read on to know about joint house loan tax benefits.
Eligibility Conditions for Joint Home Loan Tax Benefit
The eligibility criteria to claim tax benefits on home loan for joint owners are:
- The property must be co-owned. If you applied for a home loan with another individual and want to claim tax benefit on it, you must make the joint owner or co owner in the property.
- Your loan application must have the name of the co-borrower clearly. If the co-borrowers do not indulge in repayment they cannot claim tax benefits
- To claim home loan tax benefit your property construction must be completed within the same financial year.
- If you have a self occupied property then you can claim a maximum deduction of Rs. 2,00,000 for interest on home loan
- If you have rented a property then you can claim joint home loan tax benefit if the loss from house property does not exceed Rs. 2,00,000
- You can claim the deduction under section 80C. The payment made towards registration and stamp duty qualify in this category but under Rs. 1,50,000.
- Details of the property ownership
- Completion certificate of the property or documents with date of purchase of the property
- Details of both the borrowers
- Bank certificate for loan details
- Tax payment receipts
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How to claim tax benefit for joint home loan?
Snehlata
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2021-08-13T14:26:44+00:00 2021-08-16T10:19:40+00:00Comment
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