Joint Housing loan has been taken by three persons. Persons involves are husband, his wife & his younger brother. In Bankers provisional certificate for payment of interest & principal all three names are mention. Installment goes from the joint saving account of husband & wife. The total interst ammount is more than RS 7.5 lacs per annum.
Questions:
No 1: Would all three be elgible for getting tax benefit on interest Rs 1.5 lacs by each one?
No2: Are only Husband & wife elgible for taking the tax benefit of interest of RS 1.5 lacs per annum?
No3: Can younger brother whose account is not bieng used directly by the bank for getting the installment , take the tax benefit of interest of Rs 1.5 lacs per annum?
No4: If answer to question no 3 is no, then how can the younger brother avail the tax benefit of interest of RS 1.5 lacs per annum from this joint housing loan?