My father has purchased a property (Flat) in which he, myself and my wife are co-borrowers in the home loan from a bank(SBI)
I want to know, for Income Tax rebate, is it necessary that house should be registered in the name of all three(Father, Myself, and My wife) ?.
If the Flat is registered in the name of my father only, can we(Myself and My wife) still claim rebate in the income tax .
To summarize, I want to know whether the Co-borrower in the home loan should also be the Co-owner of the property to claim the income tax benefit.
CAclubindia
