Tax advice required for joint home loan

Dear Sir,

Please to inform you that me (Bhuvnesh Maheta – Salaried) & my father (Himanshu Mehta – Salaried) has taken joint home loan from AXIS bank. We have defined our ownership of property 31.15% for me & 68.85% for my father. We are paying EMI in the same proportion (Internal transfer the fund).

Now during the Financial Year 2012-13, my expected gross income is 3.15 lacs & my father’s expected gross income is Rs.4 lacs. Bank has issued a provisional interest certificate to us as below mentioned details.

Principal Component: Rs.71900/-
Interest Component: Rs.221620/-

As per ownership, we have bifurcated the Interest & Principal in between to get the tax benefit. 

Details                                            Son                     Father                             Total Cost
Share of each party in ownership 31.15%               68.85%                             100.00%
year 201213
Interest Component                     69043                  152577                             221620
Principal Component                     22400                  49500                               71900

You are requested to let us know is it ok?

Thanks & Regards,
Bhuvnesh Maheta