Income tax benefit regarding Home Loan taken by joint applicants but not Joint owners

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.

Replies (1)
No you can't claim benefit since you are not the owner.
suggest to add your name in ownership of property to get tax benefits

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