Tax exemption for joint ownership, emi paid by husband

Mahesh (NA) (24 Points)

10 March 2012  

Sir/Madam

I am going to buy a flat of 60lacs jointly with my wife.

Funding is as follows

1) 25lacs by my wife (capital gain from selling her ancestrol property) and

2) 35lacs from myside taking home loan.

My wife is a housewife without any income, hence I will be paying the EMI from my (individual) account. I am in the income tax slab of 30%

Kindly suggest me 

1) what all can be the exemptions I can claim (Principle: complete? Interest: complete?)  ?

2)Should the property be bought jointly? or any other suggestion?

3)Should the loan be barrowed jointly? of any other suggestion?

Thanking you

Mahesh