<b>Your Money:</b> Pay tax in proportion to ownership

Unless clarity is maintained, couples who jointly own houses could get into conflict with I-T

When a house is purchased jointly by a couple, they should clearly define their proportion of ownership right at the time of the registration. Benefits like tax deduction on repayment of home loan principal and interest should then be enjoyed in proportion to their ownership. Tax on any income arising from the house, such as rental earnings and capital gains arising from the sale of the house, should also be paid in the same proportion. Unless such clarity is maintained, couples who jointly own houses could get into conflict with the tax authorities. 

Emotions Vs legality

Usually, in single-income families, the working