Hello,
I understand that if husband and wife purchase a flat as co-owner and both of them have taken home loan as co-borrower, both of them can avail income tax benefit.
I wanted to know whether this tax benefit depends only on EMI payment ratio or it depends on their share in property as well. Does percentage ratio should be same for EMI payment and property share? Please also suggest that in which document this percentage of share in co ownership and the type of co ownership should be defined(I do NOT want it to be 50%)
(Is it the sale deed which is prepared by builder for purpose of Registration and stamp duty while purchasing a flat OR any other document is prepared)?
Thanks