I am co owner in the property but not paying EMI. EMI is being deducted from my child account only who is also a co owner. Please let me know that -
1. Am I eligible for tax benefit?
2. Are both me and my child eligible for tax benefit ?
3. Only my child eligible for tax benefit?
Please expedite with reasons.
You both can claim the tax benefit provided you both pay the instalments in your proportion.
Condition you both should be co-owner, and co-borrower.
CAclubindia
