NVL Janakiram (Law Trainee) 25 February 2011

Coownership of already registered document

Dear Sirs, I have taken housing loan from Deutsche Post Bank limited to the tune of Rs.24,50,000/- and got the property registered in the name of my wife. The housing loan was sanctioned based on my salary and my wife’s salary.(She is working in Government department). The loan was sanctioned and property registered in the month of December 2009. I am the co-applicant of the housing loan. Presently my Accounts Officer says he will not allow me income tax exemptions because the property is in the name of my wife. He says technically I am not the owner of the house. But,I am contributing my salary towards EMI payment. He suggested that to have income tax benefits, I should go in for re-registration of the property in both names. The original documents are in the bank. I am not interested in having a gift deed. How should I go in for co-ownership of the property. Will it involve paying of stamp duty. I am located in Hyderabad. Kindly clarify my doubt. Thanking you, With regards, NVL Janakiram.

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Sridharan (station in charge) 25 February 2011

Your Accounts Officer is correct. If you are very particular in getting IT Relief for yourself for the amount of EMI

(Part of EMI borne by you) then there is no way other than approaching the Bank and getting the Document

re-registered in jointly in your and your wife's name. This will again result in incurring lot of Stamp Duty , Registration Charges, Misc. Charges,, etc., I would suggest in the alternative, you can ask your wife to avail the

IT relief for the entire amount of EMI ( including your share) by getting a certificate from the Accounts Officer o f

your Office stating that you have not availed any IT relief on that portion of the EMI contributed by you. This should be possible and simple solution.