hi all,
I purchased a property at home town. My father (retired) and myself are co owners. A home loan has been taken by me, my wife and my father jointly. My wife is not a co onwner and her name is included to enhance the loan eligibility.
I am paying the EMI from my salary account. My father intends to sell an old property in his name and pay part of home loan.
Please indicate how we should distribute the loan share amongst myself and father so as to get maximum tax savings and also save long term capital gain due to sale of old prperty. I will make a loan share agreement with my father and wife and my wife will not share the loan as she is not a coowner and will not get any benefit.
Please advice and give comments.
thanx.
