CNK in the News: Mint

Tax benefits on co-owned house hinge on actual contribution, not ownership share

Our Partner, Pallav Pradyumn Narang, was quoted by Mint Money in a report on how tax benefits for co-owned residential properties should reflect actual financial contribution, loan liability and payment arrangements—not merely the names or percentages on the title documents.

The article discusses a Mumbai ITAT decision involving a jointly purchased flat and Section 82 (erstwhile Section 54) relief. The Tribunal looked at the payment trail and allowed the taxpayer to claim exemption to the extent of the amount he had actually funded. It also considers home-loan interest deductions and the possible clubbing implications where one spouse pays more than their ownership share.

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