Co-owners to change ownership proportion periodicallyCo-owners to change ownership proportion periodically
Apnaloan.com Research Bureau
10 Aug 2007
Can we change the proportion from year to year? Lets say, in the first year the husband claims 60% of the tax benefits and the wife claims 40% and this ratio becomes 70% and 30% 9respectively) in the next year and so on. Is this possible?
As both of you are co-owners, both will be eligible for the attendant tax benefits in the proportion of your share in the loan.
Technically, you can change the share in the flat and hence your share in the loan and also change the tax benefits available to each of you. Please document the necessary changes so that you do not have any problems in getting your tax benefits. However, any change in the ownership pattern is likely to have stamp duty implications and hence-you should proceed with caution on the change in ownership pattern.
For more information on Home Loans click here