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Date : Jul 30, 2009


Dear Sir, Myself and my wife are owning a flat in joint name in which my wife is primary owner and myself as a co-owner, the flat is under construction as of now so it is not registered at Tehsil as of now and builder has provided buyer??s agreement in which nothing is mentioned about the proportion of ownership. We have taken home loan in joint name in which again my wife is primary borrower and myself is co-borrower and again nothing is mentioned in the loan documents about the proportion of loan between me and my wife. My question is: - I want to take tax benefits up to 70% of home loan repayment (principle as well as interest) and rest 30% for my wife (principle as well as interest), but the banker is saying it will issue a single certificate at the end of the year which will not mention any proportion of loan or EMI, it will just mention the amount of total principle and total interest paid jointly by us, in such case what we should, 1.Whether I should enter any agreement with my wife to decide the proportion of loan or EMI repayment or tax benefit to be availed or 2. We should repay the EMIs in 30:70 proportion, so that we can avail tax benefits accordingly or 3. Is there any other way out? 4. What will be the proportion of tax benefit if above 3 options does not work out, whether it will 50:50 for both principle and interest or any other? Regards Parvesh Mittal


You can  enter into a share agreement with your wife and specifiy the share in the property if you both are co-borrowers to the loan as well as co-owners to the said property.



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