Buying a house jointly? Define ownership proportionately

Ensure this at the time of registration so that you don't face problems on taxation front

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When you purchase a house jointly with your wife or any other relative, make sure that the proportion of ownership is defined at the time of registration. It will ensure that the tax liability is in proportion to percentage of ownership. Also, both the owners can take the tax benefits based on their share in the house.  If you ignore the paperwork, there can be tax-related issues later. On selling the house, for example, an individual has to pay tax on the gains made, but he can save the tax by making some investments. For this, he needs to invest the proceeds in a new house ...