When you collectively apply for a Home Loan, each the candidates individually, change into eligible for tax exemption. The collective tax deduction is at all times larger in joint Home Loans.
Under part 80C of the Income Tax Act each the candidates (additionally co-owners) are eligible to avail tax deduction as much as Rs. 1 Lakh on the principal quantity paid.
Under part 24 of the Income Tax Act, for a self-occupied property, the co-applicants can get an exemption of as much as Rs 2 lakhs for each the co-applicants.
If you will have rented out the property, then you may benefit from the tax profit on residence mortgage for the whole curiosity quantity.
Source:- My Money Mantra
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