Joint property ownership: Legal implications, Tax benefits

In joint properties, there is undivided interest giving equal rights to all co-owners over the property. Joint property ownership can be based on joint tenancy, tenancy in entirety, or tenancy in common. We will discuss each of these in detail and which one you should consider based on your need.

People buy property in joint ownership for various reasons. A father and daughter may buy a property jointly as one may not be eligible for a home loan based on income criteria. A husband and wife may buy a property jointly so that each of them can avail of income tax benefits separately. Business partners may purchase property together to expand their business. Whatever the reason for buying a property jointly, it brings with it certain legal implications.  In this article, we will explore the legal implications of joint ownership of property. Let us start by understanding the concept. What is joint ownership of property? When two or more people hold the title to the same piece of property, it is known as joint ownership of property. Joint ownership is also known as co-owner...

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