Basically would we be better off co owing the house or is there no benefit as we are both on the high tax bracket.
Thank you!
2007-05-18 02:03:45 · 5 answers · asked by JM A 1 in Business & Finance ➔ Taxes ➔ India
co-owining is important for inheritance tax as you can split the burdon of tax when you die
2007-05-18 02:07:27 · answer #1 · answered by Sean JTR 7 · 0⤊ 0⤋
If you are in the UK and are living in the house in question, there is never any CGT when you sell it. Are you renting the house out? If so, the rents would be chargeable on you both equally if you jointly owned the property or had contributed equally to its purchase.
If you are married, there would be no IHT when the house passes from the dead partner to the surviving one. If you are unmarried, then there is no IHT exemption for passing the house on to the survivor.
I can actually only guess what your question really is, but that's my stab at it.
2007-05-18 02:14:23 · answer #2 · answered by fengirl2 7 · 0⤊ 0⤋
If one or both of you owns the house, you would probably be able to itemize and deduct interest and real estate taxes. If you're filing a joint return, wouldn't matter whether you co-own or only one of you owns it.
2007-05-18 02:34:20 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
dear all you can invest is Rs one lac each to enjoy benifit from 80c... so if you can invest Rs one lac at other places like LIC or ELSS etc...there is no way to take home for tax perpose... but if you want to acquire a home... go for it even if govt dont pay u any benifit.
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2007-05-19 00:30:58 · answer #4 · answered by Jargon 4 · 0⤊ 0⤋
Maybe
2007-05-19 05:53:18 · answer #5 · answered by Anonymous · 0⤊ 0⤋