Hi,
My questions are very basic.
1) I and my wife are planning to take a joint home loan, where my wife is currently not working. But she may start off in 4 to 5 months. I am making sure, my wife will be co-owner and co-borrower, so that she can utilize the tax benefits in future.
Can we take a joint home loan in this situation?
2) In joint loan, if we are paying an interest of 3 Lakh rupees per year, with a ratio of 50%-50% in the loan amount.
can we claim the tax benefit under section-24 for an amount of 1.5 Lakhs each?
Please clarify.
Thanks,
Kiran