DECLARATION OF CO-OWNERS' SHARES FOR HOME LOAN TAX BENEFIT
We, the undersigned co-owners of the house described below, declare as follows:
- 1. That we are the co-owners of the property known as: Residential house No. 340, Sector 41-A, Chandigarh. The property is occupied by the co-owners as their residence.
- 2. That our shares of ownership are: Harpreet Singh, 50 per cent; Gurleen Kaur, 50 per cent; X, 25,000 per cent; and these shares together make up the whole of the property.
- 3. That a home loan was taken from ICICI Bank, Sector 9, Chandigarh, loan account number X. The co-owners who are also borrowers on the loan are: All the co-owners named above.
- 4. That the instalments of the loan are paid as follows: each co-owner pays the instalments in proportion to his or her share of ownership.
- 5. That, from the financial year 2026-27 onwards, each of us will claim any tax deduction or other benefit on this loan only in proportion to our share of ownership, only if we are a borrower on the loan, and only to the extent the income-tax law for the year allows and we have actually paid, and none of us will claim more than our own share or claim the same amount that another co-owner has claimed.
- 6. That each of us will obtain from the lender the certificate of interest and principal for the year, and will keep our records of payment, to show the lender, an employer or the tax authorities when asked.
- 7. That this declaration records how we share the tax position among ourselves. It does not change our shares of ownership in the property or our liability to the lender, which remain as stated in the title deed and the loan agreement.
Place: Chandigarh
Date: 1 April 2026
SIGNATURE
______________________________
Signature
Co-owner: Harpreet Singh
Place: ____________________
Date: 1 April 2026
______________________________
Signature
Co-owner: Gurleen Kaur
Place: ____________________
Date: 1 April 2026
______________________________
Signature
Co-owner: X
Place: ____________________
Date: 1 April 2026