Sir I am an employee with the private sector.Sir my father has taken the house loan for Rs 24.00 Lac that the business of my father suffering with market slum and he is unable to pay the EMI regularly and the said loan has been defaulter and over draft taken in this respect has been comes to Rs 11.00 Lac.,Sir
now I want to know that can I will be co sharer to the above said loan and the Full and final EMI as decided by the banker and take the rebate under section of income tax department.thanks
No, you cannot take deduction under IT act, as you are not the owner/co-owner of the house.
CAclubindia
