Property co-ownership in itr2

Me & my wife purchased an apartment in 2008 and both our names are mentioned in the sale deed. The %age of co-ownership is however not mentioned. We also took a joint loan. The loan is a 'homesaver' type where a linked joint current a/c allows us to keep our surplus funds and reduce our loan interest payment. We just put all surplus here and do not really pay attention to the %age of money put. The EMIs are picked from this joint a/c by the bank.

I'm in the 30% tax bracket and my wife in the 20% tax bracket for the past few years. Also the total interest paid has been between 2.5lakhs to 3lakhs for FY2010-11 as well as FY2011-12. For FY2010-11, I claimed 1.5lakhs and my wife the remaining amount. This year (FY2011-12), the ITR2 form is asking for %age of co-ownership? Can I claim full 1.5lakhs and my wife the remaining amount? Or is it safer if we claim only 50% each?

Kindly advise.

Replies (3)

No in case of joint ownership without mentioning %age, it will treat as 50-50 % each. You should claim 50-50 % of interest in both accounts & follow the same practice through out life of loan & Property. So here it is not advisable to change percentage.

Thanks Nabh. Since I did not apply this rule for FY2010-11, is it advised that I file revised returns?

No dont file revised return but take care in future......

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details
Company
08 September 2026
Audit Executive

Thammana & Associates

Srikakulam

B.Com

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details