If a property has more than one owner then it becomes a co-owned house property. It is the same as joint ownership of property.
These joint holders of a property are the co-owners. The co-owners can transfer their share of the property to another co-owner or any third party. All co-owners have the right to use, possess or dispose of the property.
Co-owner covers tenancy / joint tenancy, coparcenary or member of a Hindu Undivided Family (HUF), etc. The co-owners can claim the tax deduction for a house property while filing their ITR, such as:
- Deduction for Home Loan Interest u/s 24
- Deduction for principal repayment u/s 80C
- Deduction for first time Homebuyers u/s 80EE
The tax benefit that the co-owners' can claim is limited to their share in the ownership of the property.