Help on Income tax: Joint Loan/Co-owner. let out property..

POSTED BY Pratibha ON January 15, 2013 8:48 am COMMENTS (4)

Friends,  Please advice on how much Interest on house loan and Principal amount can be considered here.

  1. Second Aprt.  Registered in Oct 2012.
  2. Co-owner and Joint Home Loan. between myself and my husband.
  3. Paid 1.46L as Interest and 46K as Principal this financial year.
  4. No rental income yet.
  5. We can assume 50%:50% share even though no where writen explicitly.

For income tax purpose,  myself and my husband can we both claim 1.46 L as Interest on Home Loan and 46K as Principal amount or we should just considered 73K ( 50% ) as Interest on Home Loan and 23k as Principal Amount






4 replies on this article “Help on Income tax: Joint Loan/Co-owner. let out property..”

  1. Pratibha says:

    Thank you Ashal.

    First one where we live is free of Loan and we are not claiming any tax benefits.
    For the second apart, no rental income for this financial year..

    Based on your response, we can claim the second aprt as Self Occupied. How much tax benefits ( Principle and Interest ) can be claimed by both myself and my husband ?

  2. Dear Pratibha, as you are living in 1st apartment, are you claiming any home loan benefit on 1st one? If yes, declaring rental income on the 2nd one is compulsory. In case there is no loan on 1st house, then the 2nd can be claimed self occupied.

    In case of 2 loans, the rental income or notioanl rental income from the 2nd house ‘ll be added into same ratio with incomes of both of you & interest ‘ll be available for set off for both of you.

    So please clear this loan thing also to me to get clear answer.



  3. Pratibha says:


    First one is where we live. And this is the second apartment which is yet to be given for rent so for this year rental income is zero.

  4. Dear Pratibha, as you said 2nd apartment. what’s the situation of 1st apartment? Are you people living in 1st one & 2ne one is on rent or the reverse is there?

    Answer to above questions is important. If no clear %age distribution is written there, the %age of funds arranged by you & your husband for down payment ‘ll decide the %age of ownership & accordingly the tax benefit in the %age for interest & principal but as it’s 2nd house, the interest benefit ‘ll be different than normal one.



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