Dear Sir/Madam,
My father and I have taken a joint Home loan. My father owns the property. I am the co-borrower/co-applicant but not joint owner. The Bank deducts EMI ('Rs 80000' amount) from both accounts equally ('40000' each).
1) In the above scenario, can I claim tax benefit on principal and interest amount despite having not ownership?
2) If 1) is No, are there any legit and feasible solutions to claim tax benefit on interest/principal amount ?
I am asking it because the current EMI amount is very huge and claiming tax benefits on principal and interest would result in substantial savings for me.
Thanks
Would be very grateful for your help.
CAclubindia
