I have one home . No loan and self occupied. I want to buy second home . My brother would be owner and loan will be there.
Second home will be occupied by my brother.
Pls let me know what benifit i and my brother will get ? for me is it let out or not ? whta would be my limit for insterest claim?
THANKING U IN ADVANCE
You both can claim home loan interest deduction of 50% each (max. 2 Lakhs individually), provided both are co-owner and co-borrower of home loan. For your brother it will be SOP, while in your case 50% of deemed rental income would be added while calculating income from HP.
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