Son and mother are purchasing a flat. Mother being primary owner and son being co-owner. Share in ownership is MOM - 80% and Son- 20%. Stamp Value of Property is 37Lacs and loan to be avalied is 29 Lacs. Now while borrowing the loan can son pay 80% of EMI and Mom pay only 20%. And can son claim IT benefits of 80% and mom only 20%?
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Joint co-owners and co-borrowers share in emi
Replies (1)
no they can't. you need to amend the agreement to share the emi. then son can claim 80%
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