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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jun 09, 2022

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Srinivas on Jun 09, 2022Hindi

Money

My wife and I have booked a flat costing Rs 150 lakh. I am retiring in July 22 and my wife on dec 26; both are salaried and are in 30% income tax bracket. We plan to take a home loan of Rs40 lakh payable in the maximum limit allowed by sbi/hdfc /bank of india /axis bank (from whom we are planning to take home loan) we have made our daughter as the third owner but she is not contributing anything. My income tax for 20-21 was Rs 3.27 lakh and of my wife around Rs2 lakh.

Please let me know whether we have to show % of our share of investment in the sale deed or agreement or can we simply leave it without mentioning anything.

In both cases how much can we pay towards interest and principal on home loan to get maximum income tax benefit?

Do you suggest to include our (unmarried working) daughter also for contribution so that she can also get income tax exemption? Expecting detailed reply from your end at the earliest.

Ans: To claim the tax benefit on the property for you and your spouse or you, your spouse and your daughter, you need to fulfill certain criteria:

1. The person who wants to claim tax benefit (be it spouse or daughter) must be an owner of the property. Hence, there should be joint ownership of the property

2. The joint owner should also be an applicant for the loan. Owners who are not borrowers and do not contribute to the EMI shall be devoid of the tax benefits.

So, under section 80C, each co-borrower can claim a tax deduction on the principal component of the EMI. Also, each co-owner who is a loan co-applicant can claim a maximum tax deduction of Rs 2 Lakh for interest on the loan.

This will be based on the owner’s proportion of their stake in the property. You can choose to define the percentage in the sale deed or leave it without mentioning anything.

If you have not mentioned, you need to be consistent in the split across the years. The most common practice is to assume it as 50%.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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