How to add a person as a co-owner and avail tax benefits

741 votes

If you are planning to buy a new house then purchase it by both of your name 50/50 share. but in this situation two loan can not be sanctioned. there would be only one loan for one property. however, she can be added as co-applicant for getting loan. but even in that situation principal applicant would be only one, either of you. it depends upon you.

And in case you have already bought it and want to add her name as co-owner without taking any consideration, that you can do by making a gift deed, but in that case no bank would give her a loan as she doesn't need any money to pay as consideration.

you wish can be filled only by purchasing two different property, one by your name and another by her name. and taking two different loan. but that can not be possible at same time because according to tax view, housing loan is taken to buy a house for self occupancy and one can not live in two houses at a time.

So, it is a better to advise forget the plan of getting double tax benefit. Enjoy as much you are getting at present.

Advocate Mukund Kumar LawRato

946 votes

First of allconsideration has been paid by Bank and you are paying EMI. So you are paying consideration. As you have taken the property on loan then the Bank will clarify you the process as per their requirement. Application to Bank for making your wife as Co-borrower of the property will help you better. Gift deed will not help you.

Adv. Suneeta Shukla

Advocate Suneeta Ramesh Shukla LawRato

748 votes

In my opinion what you can do is: ask your personal banker whether name of your wife can be incorporated as co obligant in the loan already sanctioned in your favor. If that is possible then the documents of loan shall have her name and subsequently on the basis of it you can get your wife's name registered in records of right of the house as well. And as then both of yours name will be in the loan agreements both would be able to avail benefits. Additionally you require to give instructions to your bank regarding drawing of proportionate EMI from each of yours account, post incorporation of name of your wife.

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Advocate Aftabhusen A Ansari LawRato