Dear Sir,
Please to inform you that me (Bhuvnesh Maheta – Salaried) & my father (Himanshu Mehta – Salaried) has taken joint home loan from AXIS bank. We have defined our ownership of property 31.15% for me & 68.85% for my father. We are paying EMI in the same proportion (Internal transfer the fund).
Now during the Financial Year 2012-13, my expected gross income is 3.15 lacs & my father's expected gross income is Rs.4 lacs. Bank has issued a provisional interest certificate to us as below mentioned details.
Principal Component: Rs.71900/-
Interest Component: Rs.221620/-
As per ownership, we have bifurcated the Interest & Principal in between to get the tax benefit.
Details Son Father Total Cost
Share of each party in ownership 31.15% 68.85% 100.00%
year 201213
Interest Component 69043 152577 221620
Principal Component 22400 49500 71900
You are requested to let us know is it ok?
Thanks & Regards,
Bhuvnesh Maheta
+919376038883
If you have defined your ownership in the sale deed (Registered document) then you can claim the deduction on that proportion other wise if it is joint ownership with out any mentioning about proportion you have divide 50:50