It is pretty common to buy a house property in joint names. In most cases, the buyer adds their spouse/ child or family member as a joint holder for various reasons such as smooth succession and availing tax benefits. In such cases, the spouse/ family member is treated as a legal co-owner of the house property as their name is mentioned in the purchase deed.
While adding a house property and co-ownership, make sure you only add your percentage of interest paid and income received.
eg: if you and co-owner split the total rental income of INR 2,00,000 p.a. in that case, you need to enter your share of rent income (50%) i.e. INR 1,00,000 p.a.
Steps to add co-owners of house property:
- On the co-owners screen, you can click on 'Add'
- You can add the co-owner name, PAN as well as the ownership percentage and then click on save
- Once the co-owner is added, this is how the co-owners screen looks