Tips to save taxes on a joint home loan
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Planning to take a joint home loan? Really a smart decision on your part! It’s definitely easier nowadays to secure a home loan and it can also help reduce the tax burden as well. Here are some tips to save taxes on a joint home loan from luxurykeralaflats.com , the prime portal to buy, sell, or rent flats in Kerala . Claim Tax Benefits Under Section 80C and Section 24 of the Income Tax Act, both principal and interest payments on a home loan are eligible for tax deductions. Both partners can claim deductions for these expenses on a joint home loan effectively doubling the tax benefits. Proportionally split the Loan The ownership share of each partner in the property to decide the tax benefits on a joint home loan. The loan amount can be split equally if both partners own the property equally. The loan should be split accordingly if one partner owns a larger share of the property to maximize tax benefits. Opt for Joint Home Loan with a lower interest rate The home loan interest rat