Buying a property with a spouse.

Buying an auction property jointly with a spouse or partner is a smart move for tax planning and loan eligibility.

The EMD Rule

This is where most people make a mistake. If you want the property in Joint Names (e.g., Husband + Wife), the EMD must be remitted from a Joint Account, or the bid must clearly state the names of both bidders. You cannot pay EMD from the Husband's account and then ask the bank to issue the Sale Certificate in the Wife's name. The bidder's name on the portal must match the final buyer.

Loan Benefits

Joint applicants can combine their incomes to get a higher loan amount. Both can also claim tax deductions (Section 80C and 24b) separately, doubling the tax benefits.