Confused about how to take tax benefits against of my home loans
Dear Team,
Please guide me . I am bit confused about how to take tax benefits against of my home loans. I tell you in Details :
In 2014 , me & my brother jointly bought a flat.My brother is main applicant & I am co Applicant on the same property , but the loan is being deducted from my brother account only. But till now ,we both haven't taken any tax benefits on this property.
Now last year again , I have bought another flat . I have several confusion to ask :
1. Can I take take full tax benefits on one property which i bought last year & partial tax benefit on other property on which I am co Applicant ? If yes then which of the sections I can utilized?
2. If I have taken partial benefits of suppose 20% of the total this year , can I decrease or increase the percentage benefits every year or I have to always take same percentage benefits every year till the loan repaid?
3. Please suggest me sections where i can put principal,Interest & other home loan benefits if I can take