Joint loan borrower vs sole borrower
Ak (SE) (25 Points)
04 December 2016Ak (SE) (25 Points)
04 December 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 04 December 2016
1. Joint ownership has always been rewarding, As exemption u/s. 24B can be availed only upto 2.00 L in single owner, while both of joint holders can claim the same amount individually. And exemption can be claimed as per payment wise also!!
2. Take reverse case, in future, when rental income will be more than interest paid, it will be added up in single owners higher slab rate, if you are not co-owner.
3. Yes, HRA and interest over home loan are independent of each other, and can be claimed simultaneously.
Ak
(SE)
(25 Points)
Replied 06 December 2016
Thanks a lot for your prompt response Sir.
I understood the benefits in joint ownership, however i have a point that if this house we take in my spouse's name and another property few years later when we will buy, will take on my name. So that each one will have one property and can show as self-occupied (but obvious we will let out one of the property), for which there will not be any tax. Otherwise i believe if we become co-owners in both properties then we cannot show both as self occupied.
Pls correct me if i am thinking short and missing out any key inormation and help me to decide if this could be beneficial or joint ownership.
Regards,
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 06 December 2016
"but obvious we will.............." Not good idea.
1. Usually tenant will require Rent agreement, and if he takes HRA, your PAN details will reflect in the mirror of the department. Many more options there, to trap you in net.
2. When you are just in 10% bracket, why not pay tax and enjoy the legitimacy.
But otherwise, not bad planning.
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