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Buying a Home with Your Spouse? Crucial Steps Before Signing the Sale Deed!
M
Moneycontrol•24-09-2026, 22:26
Buying a Home with Your Spouse? Crucial Steps Before Signing the Sale Deed!
- •Clearly define ownership shares in the sale deed, even if contributions differ, to avoid future disputes.
- •Understand that joint ownership doesn't automatically mean equal tax benefits; tax deductions depend on ownership and loan repayment responsibility.
- •Plan for succession by making or updating a will, as joint ownership doesn't guarantee the surviving spouse automatically becomes the sole owner.
- •Agree on future scenarios like selling the property or one spouse wanting to exit, as both owners have property rights.
- •Scrutinize all paperwork, including the sale deed and loan documents, for accuracy before final registration, and be aware of state-specific rules.
Key Questions Answered
Under Section 45 of the Transfer of Property Act, when two or more people jointly acquire a property, their interests depend on how the purchase money was contributed, unless a contract states otherwise.
No, home-loan tax deductions and capital gains reporting depend on actual ownership, loan responsibility, and payment contribution rather than simply having two names on the deed.
Joint ownership does not mean the surviving spouse automatically becomes the sole owner in every situation; the outcome depends on the ownership arrangement, the will, and applicable succession laws.
