Tax implications on joint home loan

1. For availing joint income tax benefits, both you and your wife should not only be a co applicant in home loan but also a joint owner of house.

3. You cannot avail HRA deduction if living in the same city when the house is ready for possession i.e. available for accomodation. If however your house is under construction you can avail HRA deduction till construction gets completed.

Originally posted by : abhishek goyal
	1. For availing joint income tax benefits, both you and your wife should not only be a co applicant in home loan but also a joint owner of house. 3. You cannot avail HRA deduction if living in the same city when the house is ready for possession i.e. available for accomodation. If however your house is under construction you can avail HRA deduction till construction gets completed.

Thanks so much!

Any thoughts on #2? It is very confusing for me so Im wondering if knowledgeable people on this forum can throw some light

If the property is rented out, then both can avail 50:50 deduction of actual interest paid.

Originally posted by : Mihir
	If the property is rented out, then both can avail 50:50 deduction of actual interest paid.

Thanks for your kind response.

Actually my query is a bit different. The upper limit on tax rebate on interest of loan varies depending on status of property.

Im looking for exact technical term, does it mean rented property OR self-occupied (or unoccupied)?