If I buy a house jointly with my wife and take a joint home loan, can we both claim income tax deduction?

Yes, you both can claim income tax deduction individually, if:

  • If your spouse has a separate source of income,
    1. Your spouse must be a co-owner in the property,
    2. Your spouse must be a co-borrower for the loan

Tax benefits on a joint home loan are available to all the joint owners. It’s pertinent to note that ‘ownership’ in the property is a pre-requisite to availing any tax benefits against the property.

You may have taken the loan jointly, but unless you are an owner in the property – you may not be entitled to the tax benefits.

Leave a Reply

Your email address will not be published.