Hi folks,
One of my friends is planning to buy a house very soon. This would be his second property. He has a running home loan on his first property. He wants to buy the new property jointly with his wife. His wife does not have any other home loan on her name (For her this would be the first property). What all would be the Tax benefits/ tax implications he can claim/ liable, for the 2nd property. Can he choose to show any property as self-occupied and the other as let-out. Please explain all the possible scenarios, so that, my friend can take a informed decision.
Thanks in advance.
Regards,
Arudra.