My father has a house in his name, which we wish to demolish and reconstruct.For this purpose, I and my wife would like to join my father as copartners to apply for a loan from the bank.Can me and my wife be elligible for taking the tax benefit for the interest paid on the share of home loan taken by us? If it is not permitted then what is the cheapest & legal option to go for if me and my wife wish to enjoy tax benefit available on home loans.
arun
CAclubindia
