Hi,
Only my father owns our current house ( Where our family lives).
Now my mother,father and myself purchase a another house(Resale), will it be treated as second house for all of us ? ( As my mother and me are not owners of current house) & get exemption for all interest ( no limit of 1.5 L) after declaring it as let out (rented)?
To ask for exemption through loan EMI does one has to be a “co -owner AND co-borrower” or any one of them i.e a “co -owner OR co-borrower” ?